Kongsberg Sells Simrad

Monday, September 26, 2005
Simrad, Inc., a subsidiary of the Kongsberg Group and U.S./Canadian distributor for Simrad marine electronics, announced that Kongsberg has sold the company to Altor, a Nordic investment fund. The sale involved all four European Simrad factories, the holding company Simrad AS and distribution companies in addition to Simrad, Inc. including Simrad AB (Sweden), Simrad GmbH (Germany), Simrad SA (France), Simrad BV (the Netherlands) Simrad Srl (Italy), and Simrad Canada Ltd.

“We view this as a very positive development for Simrad, Inc. and the marine electronics industry in North America,” said Brian Staton, President of Simrad, Inc. “This will result in a fresh wave of investment in our important recreational yachting and commercial markets. We’re looking forward to building our business and strengthening our position in the market under new ownership.”

“The market for yacht electronics is experiencing strong growth and change as a result of new technology and lower production costs. Simrad is one of the world’s leading suppliers of such equipment, and stands on the threshold of numerous exciting possibilities. We are looking forward to working with management to further reinforce the company’s competitiveness and market position,” said Hugo Maurstad, a partner in Altor.

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