As of November 1, 2003, equity investor EquiVest, represented by Munich-based CBR Management GmbH
, has acquired from EMG EuroMarine Electronics, a Hamburg-based Rheinmetall Group company
, the business operations of STN ATLAS Marine Electronics GmbH
, Hamburg. The parties to the deal have agreed not to disclose any details on the price paid.
The takeover by EquiVest is part of an MBO enacted by STN ATLAS Marine Electronics' Management Board. The new company will operate under the name of SAM Electronics GmbH.
A leading systems supplier in the market for electrical and electronic ship and offshore equipment, STN ATLAS Marine Electronics' some 1,000-strong workforce generated sales of EUR 244 million in fiscal 2002.
Following the successful restructuring of STN ATLAS Marine Electronics and now its sale, Rheinmetall has passed another milestone in its announced divestment direction.