FURUNO will take an initial 10% shareholding in ENL
Electronic Navigation Ltd (ENL) and FURUNO Electric of Japan are joining forces. In a joint announcement ENL & FURUNO have announced that FURUNO will take an initial 10% shareholding in ENL and its wholly owned subsidiary WASSP Ltd.
This major investment reflects not only ENLs and FURUNOs near 50-year relationship with ENL representing and supporting FURUNOs products to the commercial fishing industry and recreational markets in New Zealand and the wider Pacific territory, but also the opportunities and forward looking growth that the two companies see can be capitalised on with technical and financial collaboration.
ENL has pioneered many innovations in multi-beam sonar technology. Their technology-oriented focus is 100% synchronized with ours as FURUNO is accredited with commercializing the worlds 1st fish finder in 1948. said Mike Koike, Managing Director of FURUNO Electric Co., Ltd. ENL is known for its excellent customer support, and we look forward to deepening the relationship between ENL and FURUNO even more now that ENL is part of our family. Both companies are committed to developing superior technology and contributing to the safety and enjoyment of all mariners around the world.
This key stake-holding will also enhance and accelerate a number of joint R&D collaborations for new products already in the pipeline and underpin ENLs objective of being a world-class developer of marine acoustic technology.
Gareth Hodson, Managing Director of ENL said: This strategic alliance is the most significant milestone in our 69 year history. FURUNOs financial investment in ENL will strengthen our position in the New Zealand and South Pacific sector with the FURUNO brand, together with numerous opportunities to expand our R&D and global export business from New Zealand.
Source: ENL
