Carmanah to sell marine business

Author:
Publish date:
Carmanah

Carmanah Technologies Corp. said in a statement that it plans to sell its marine business to SPX Corp. for $77 million. The Carmanah brands include Sabik Oy, Sabik Oü, Sabik PTE Ltd. and Sabik Ltd.

“We are very pleased with this transaction,” said John Simmons, CEO of Carmanah, in the statement. “Not only is it fairly valued, but it also creates numerous opportunities for employees and customers alike. Combining Carmanah’s marine, aviation and airfield ground lighting products with SPX’s extensive infrastructure and broad distribution network is a great opportunity to further advance product development and extend the reach of these solutions.”

The sale is expected to close in January, pending regulatory and shareholder approvals.

Related

Freedom Boat Club Expands

Through November, it has grown to more than 245 locations serving more than 55,000 members.

BRP Announces FY21, Q3 Results

While the North American market saw solid gains in the powersports segment, pandemic-related shutdowns and the retirement of Evinrude had a big impact on revenue.

Quick Hits: November 25, 2020

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 11.0px Arial} span.s1 {font-kerning: none} Patrick hires a new CFO; CMC Marine joins NMMA; Dometic makes names new HR VP; and Stingray Boats earns a safety milestone.

Wholesale Shipments Drop in September

NMMA: Easing supply chain constraints should enable more manufacturers to build boats.

Dealers: What’s Your 2021 Retail Outlook?

The monthly Pulse Report asks marine retailers to weigh in on November market conditions.