Saab Sells Marine Electronics Business To Emerson
Sweden's Saab sold its Marine Electronics unit to U.S. electric equipment maker Emerson Electric Co. for $85.5 million. The price corresponded to 1.6 times the unit's 1999 turnover. "The deal would have a positive effect on Saab's net cash flow", Saab said in a statement. The disposal was part of Saab's strategy of realizing value for shareholders from the commercial operations of the group's military technology, it said. Saab's marine electronics unit is a world leader in radar equipment that measures tank levels. The unit's products are sold to customers in the shipping and oil industries.