The sale of the assets of UK emergency distress beacon manufacturer McMurdo was finalised on 20 November when the transfer from Digital Angel Corporation to Orolia was completed.
The purchase price was $9.6 million US as part of a cash free/debt free transaction with no transfer of Account Payables and Account Receivables.
Orolia, a high technology group specialising in precise Positioning, Navigation and Timing, adds McMurdo to its company portfolio as part of its growth strategy in that industry sector. The addition of McMurdo will complement Orolia’s recent acquisition of another distress beacon company, the French manufacturer Kannad. Kannad’s strong presence in the avionics sector coupled with McMurdo’s leadership in the maritime industry will extend the group’s reach in growing the market and leveraging distribution channels in the positioning systems sector.
Jeremy Harrison, CEO of the newly created McMurdo Ltd comments “We are delighted with the completion of the purchase of McMurdo by Orolia. We very much look forward to working closely with all of the Orolia businesses, especially Kannad, as we share very many similar technologies and expertise which I am sure will benefit both of us in the future.” He adds “This acquisition gives McMurdo the much needed springboard to continue our growth and ability to develop more exciting and innovative products for the global safety markets."
