Christchurch GPS specialist Navman has been bought by Illinois firm Brunswick New Technologies.
Brunswick paid $NZ56.1 million for a 70% stake in the company with an option to purchase the rest of the company by the end of 2005.
Navman founder Peter Maire and chief operating officer Steven Newman will be part of a new six-member board of directors and will continue to run the company locally.
Maire says he does not expect to see any redundancies in New Zealand as a result of the purchase and believes the company will continue to grow. Navman employs 350 staff in Auckland and Christchurch, but Maire hopes to increase that by about 65 staff by the end of next year.
"We are gearing up to expand our manufacturing in New Zealand and have just signed a deal to more than double the space at our Auckland factory," says Maire in a written statement.
Maire says the deal with Brunswick will allow Navman to continue its international expansion in the marine industry as well as improve its competitiveness in other related markets.
"Navman will continue to design, manufacture and introduce new GPS technology-based products from New Zealand. It is a case of business as usual for Navman, except that business will be faster, bigger and better."