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.
Emerson Acquires Marine Valve Supplier
Engineering firm Emerson Electric Co. has acquired marine valve supplier Damcos Holding AS, the AP reported Financial terms of the deal were not disclosed. Damcos Holding supplies valve remote controls and tank monitoring equipment to the marine and shipbuilding industries. Damcos will become part of Emerson's process management business, which helps companies automate their production and processing systems. Emerson bought the company from British investor 3i Group PLC, Danish valve manufacturer Danfoss AS and the Damcos management team. Source: AP
Raymarine Makes Changes to its Board
Raymarine has made changes to its board of directors. Terry Carlson has been appointed to the Raymarine board as President of Americas and Global Product Management, and will be based at Raymarine¹s offices in Nashua, N.H. brings an immense wealth of knowledge and experience. activities outside the Americas. which took place in January 2001. consumer electronics products. Raymarine Group Ltd. and Chief Executive Officer. joins the organization effective Jan. 2, 2003.
