Brunswick Corp. acquired Norway-based Navico, the parent company of Lowrance, B&G, Simrad and CMAP, for $1.05 billion, the company said in a statement.
The Navico brands will become part of Brunswick’s Advanced Systems Group, bolstering the suite of brands in power management, digital control, monitoring and networked devices.
“The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s ACES – autonomy, connectivity, electrification and shared access – strategy and support our vision to deliver distinctive new products and technology-enabled experiences,” CEO Dave Foulkes said in the statement.
“We will continue to invest both in organic initiatives and acquisitions to maintain our position of global product leadership, and the addition of [Navico] to our existing brand portfolio will further strengthen our ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated systems offerings to our OEM customers,” added Foulkes.
To read the full report from Jeff Moser in Trade Only Today, click here.