GN Store Nord Sells Off Last of Maritime Communications Unit

Maritime Activity Reports, Inc.

July 13, 2001

Danish diversified technology firm GN Store Nord said on Friday it had sold the remainder of its GN Comtext maritime sector communications unit to U.S.-based EasyLink Corp. for an undisclosed sum.

GN said the sale would have a negative impact on group income before tax of about 95 million crowns ($10.9 million), denting net profit for the full year to the tune of some 60 million crowns.

The company said in a statement it had now sold off its entire stake in the unit after selling off parts of the firm last year.

"GN Great Nordic has divested GN Comtext with effect from July 1 in line with the company's strategy to enhance its focus on its core businesses, GN NetTest, GN ReSound and GN Netcom," it said.

GN NetTest is a fiber optic operation, while GN ReSound makes hearing aids and GN Netcom manufactures headsets.

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