Leading controls technology company Proserv has today announced the sale of its through-water digital acoustic communications and positioning systems business, Nautronix, to Imenco, a Norwegian supplier of subsea electronic and mechanical products.
The divested unit will become a division within Imenco, which will continue to be known as Imenco UK Ltd. The exact terms of the deal were not disclosed.
Ewen MacLean, VP, strategic planning & marketing at Proserv, said of the deal:
“Following the recent strategic review of our portfolio, providing digital acoustic communication products and positioning services to the subsea industry no longer equated to Proserv’s core offering, so a sale process was activated and it has resulted in this successful conclusion today.
“The subsea sector remains a vital market for Proserv and we are utilising our extensive technological capabilities to develop new products to support our customers.”
Following the sale agreement, 21 of Nautronix’s employees will move from Proserv’s Westhill, Aberdeen headquarters to Imenco’s facility in the Aberdeen Innovation Park, Bridge of Don, while one team member, based in the US, will remain in Houston.
Alan Buchan, presently general manager of Nautronix, will continue to lead his team and will become general manager, Nautronix Division, at Imenco.
Following the deal, Alan Buchan stated:
“Nautronix has enjoyed almost four years within the Proserv portfolio but this opportunity to link up with Imenco is an exciting one and we look forward to developing our business within Geir’s wider team.”
Imenco CEO and owner Geir Egil Ostebovik commented, “For Imenco, this acquisition broadens the Imenco subsea electronics portfolio and adds innovative subsea positioning and communication products to our extensive product range, offering an extension of services to existing and new customers in established markets, and emerging areas, such as fish farming and offshore wind.”
Ewen MacLean added, “Proserv is committed to focusing exclusively on its core controls technology as we move forwards. But as we conclude this divestment, we wish the team at Nautronix well for the future.”
Source: Company Press Release