Today, one of the world’s largest companies in the development, production, marketing and sales of marine electronics comes to life, under the name of Navico. The launch of Navico is the ultimate result of the merger between Simrad Yachting AS and Lowrance Electronics Inc. The newly merged company will reach world wide revenues close to NOK
2 billion for 2006/USD 300 million. The company’s headquarters is located at Lysaker outside of Oslo, Norway and the total number of employees will be approximately 2.500, spread world-wide. Bringing it all together is new company owner Altor, a Nordic investment company.
The market for marine electronics is experiencing international growth.
Bringing together four of the world’s strongest brands in the marine electronics business in one company, Navico strongly believes in its ability to realize considerable synergies of revenues and costs. This will benefit both customers and the Navico organization.
We will have a scale and scope for our new company, which will allow us to fully utilize our unique abilities on an international level in developing groundbreaking technology to further strengthen our competitiveness and market position, says Hugo Maurstad, Altor partner and Chairman of Navico.
Headquarters in Oslo
From the outset Navico is one of the world’s largest companies in development, production, marketing and sales of marine electronics for navigation, communication, autosteering & fishfinding. Navico will also be a contender in the auto and aviation navigation and communication market.
The company operates world-wide and distributes its products on all continents under the four already established global brands Simrad, Lowrance, Eagle and B&G. Navico will continue to develop and strengthen the market position of all four brands.
The Headquarters of the new global company will be located at Lysaker just outside of Oslo, Norway. In addition to senior management and functions such as global sales & marketing, IT, finance and accounting will be run from the main office. Together with establishing new Headquarters, Navico will actively recruit new employees for a variety of positions.
Management focuses on innovation
Darrel Lowrance is CEO of Navico, while Hugo Maurstad of Altor Equity Partners takes the position as Chairman of the Board.
This is a competitive global industry where it is crucial to have a first rate environment for R&D, production, marketing and sales . To be successful in today’s market we must have great and innovate products, in addition to competent and proactive employees. We will strengthen our focus on innovation by continued improvement in effective use of our resources, says Maurstad.