Sharechat Logo

Navman wireless says trading strongly despite sales process


Thursday 26th July 2007

Text too small?
A division of Auckland high tech firm Navman that was recently bought by a Chicago-based private investment firm, says it has traded strongly despite a protracted sale process.

Prairie Capital, which bought Navman Wireless, comprising around a third of the original company sold by US marine products company Brunswick, said it had virtually doubled its local head count to 80 in the last year.

Auckland-based vice-president of product delivery, Chris Bradley, said business had never been better and the company was growing in all its markets, especially in New Zealand.

The New Zealand operation is largely responsible for the development of fleet-tracking Global Positioning Systems (GPS).

Bradley, previously with Navman in the US, heads New Zealand-based development.

Prairie Capital has over $US500 million ($NZ630 million) invested in 60 businesses.

The marine assets of Navman were sold in March to Norwegian firm Navico International, which hired 260 of the 280 New Zealand staff in that division previously employed by Brunswick.

Bradley said that, like all New Zealand firms, the high currency was providing its challenges and squeezing margins. However, it received a natural hedge by purchasing many components in US dollars and had still managed to build markets.

There was no plan to shift operations elsewhere.

He said the global investment in the wireless division had been significant and continued through the whole sales process.

"If anything it's probably taking up speed."

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Gold Report 16th July 2019
NZ dollar rises after CPI meets expectations; US dollar weakens
Yili's Westland takeover gets OIO approval
Govt eyes 2025 for farm-level emissions pricing
Govt won't "die in a ditch" for 100% renewable target
NZ 2Q CPI +0.6% on quarter, +1.7% on year
16th July 2019 Morning Report
Suspect company faces liquidation after director dies
NZ dollar holds gains; focus on domestic inflation data
MARKET CLOSE: NZ shares slip as fears over slowing Chinese growth weigh; AMP slumps

IRG See IRG research reports