Navman Acquires US Technology Business
5 April 2002
Navman NZ Ltd has just acquired the multi-million dollar GPS receiver product division of US-based Conexant (a spin off company from satellite/GPS pioneers Rockwell).
It will create 50 - 60 new jobs in outsourced manufacturing in New Zealand and help the company crack the $100m p.a revenue mark.
This piece of business is expected to boost Navman's annual revenue to around $100m over the next twelve months.
Navman (formerly known as Talon Technology) will bring the manufacturing to New Zealand, sub-contracting some of that manufacturing to Christchurch-based Dynamic Controls Ltd, New Zealand's largest contract manufacturer
Navman President, Peter Maire says this part of the Conexant business currently has sales of around $25m (NZ) and the deal gives Navman a vastly expanded customer base, as well as new marketing and distribution channels for GPS receivers using Conexant's chip technology. He says the deal was helped by Navman's longstanding relationship with Conexant, working together on GPS technology
"It will open up a number of opportunities for Navman, giving us an immediate inroad into other areas for our existing products."
Navman's GPS receivers are already used around the world in marine, automotive and fleet management applications, but Peter Maire says there is significant potential in moving the technology into other areas.
The significant size of the GPS receiver manufacturing business would overload Navman's existing 220 staff, so the overload is being shared with other New Zealand electronics manufacturing companies. Peter Maire sees it as a nice synergy, forming satellite companies from the satellite business.
Navman will open marketing offices in Newport Beach to service the business.
Contact: Peter Maire, Navman - 09 481 0516
About NAVMAN NZ
§ NAVMAN (formally known as Talon Technology) developed its first Rockwell GPS module-based product in 1993, produced its first Rockwell "chip set" design in 1997 and has since that time developed and manufactured a large number of different GPS products using Conexant GPS chip sets.
§ NAVMAN is a recognized world leader in the design, manufacture and marketing of high reliability GPS products for marine, vehicle navigation, mobile positioning and communication solutions.
§ NAVMAN's success comes from taking high cost, sophisticated technologies and applying them to the mass markets.
§ Visit NAVMAN at www.navman.com