Mio parent company to buy Navman

27 February 2007 12:41 GMT / By Amber Maitland

The corporation that owns Navman satnavs has announced that it is to sell the brand to Mitac, the company that produces the Mio range of devices.

Brunswick has already found a buyer for its marine satnavs, and is now looking to sell off the remaining fleet management operation.

"We are pleased to have found a strategic buyerwith expertise and technologies central to PND (portable navigation devices) products", commented Dustan E McCoy, the Chairman and CEO for Brunswick.

"We believe such a buyer is more apt to fully appreciate every segment of the business and will be able to focus on this business' technological expertise, helping it reach its full potential."

Mio and Navman will apparently still be run separately after the deal goes through, and Mitac stands to gain the number two spot in the satnav market, behind TomTom, as combined the two brands make up 18%.

Full tags

Biz, Mergers, Car And GPS, Mio, Navman