Garmin has deal to buy Fusion Electronics

Author:
Publish date:
Social count:
0

Garmin Ltd. said it is buying New Zealand-based Fusion Electronics Ltd. and its subsidiaries.

The acquisition of the privately held marine audio equipment company is expected to close June 30. Financial terms are not being disclosed.

Garmin New Zealand Ltd., a wholly owned subsidiary of Switzerland-based Garmin, will operate as Fusion Entertainment in Fusion’s present facilities in Auckland, New Zealand, after the acquisition is completed.

Substantially all of the Fusion product line will remain available, as will support for the company’s existing products. Fusion Entertainment will continue to support all Fusion-Link partners accordingly.

“Fusion has pioneered a number of innovations in marine audio. Their ability to integrate their products with networked marine multifunction displays has been recognized across the industry,” Garmin president and CEO Cliff Pemble said in a statement. “Like Garmin, Fusion is known for reliability, connectivity and integrated functionality, and we look forward to completing the acquisition and having them as part of our team.”

Fusion’s flagship head unit, the 700 Series, allows boaters to connect and control their audio through select marine multifunction displays and select multizone audio configuration specific to their vessels.

“I have long admired Garmin as an innovator and a leader in virtually every market it serves,” Fusion Electronics chairman Sir Peter Maire said. “This combination will allow Fusion to expand its capabilities and integration into the marine entertainment market to make an even greater impact in the boating industry.”

Related

MarineMax has strong second quarter

MarineMax grew revenue more than 10 percent to $270.6 million in the second quarter, prompting the company again to raise its annual expectations to $1.44 to $1.50 versus its prior expectations of $1.30 to $1.40 per-diluted-share.

Brunswick releases first quarter sales

Brunswick Corp. announced that consolidated net sales increased 7 percent in the first quarter, with the marine engine segment up 9 percent and the boat segment rising 7 percent over last year.

Flir posts first quarter results

First quarter revenue at Flir Systems Inc. grew 8 percent to $439.6 million, and organic revenue was up 13 percent, due in part to strong results in the Raymarine.