Another sad day for the British marine industry May 14, 2010.
….”Raymarine plc (the “Company”), a global leader in the supply of electronic products to the leisure marine market, has today reached agreement to sell its shares in Raymarine Holdings Limited to a subsidiary of FLIR Systems, Inc. (“FLIR”) a world leader in thermal imaging products. The sale represents the entire business operations of Raymarine and its subsidiaries. On 29 April 2010, following an extensive M&A process, the Company’s directors announced to shareholders that they were in advanced discussions with a third party regarding the sale of Raymarine Holdings Limited. It was envisaged that this transaction, once completed and following repayment of the group’s bank borrowings and other creditors, would result in approximately 17.5 pence per share for the Company’s shareholders.”….
What can I say …
From FLIR’s web site …“The acquisition furthers FLIR’s strategy in the marine market by dramatically increasing its maritime distribution network with the addition of Raymarine’s 1,000 dealer outlets and 400+ marine OEMs, nearly all of which are additive to FLIR’s existing distribution. FLIR plans to expand Raymarine’s product line breadth by integrating thermal imaging cameras with Raymarine’s display, radar and autopilot product lines to create the broadest, most effective, and easiest to use suite of products in the marine electronics industry”….
Good luck FLIR – lets see if your Directors have the brains to take a global brand and – er – keep it a global brand !