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We are pleased to announce that Grieg International has signed an agreement with Navico to sell all our shares in Maris. Navico will be able to offer Maris the competence and global network that will strenghten their strategic position further.

The Grieg Group has for some time considered strategic alternatives for the further development of Maris.

The Grieg Group has for some time considered strategic alternatives for the further development of Maris. The Company has a technology driven organization with innovative products, and is well positioned to take advantage of the anticipated market growth. However, we have experienced that it is challenging to be a small Company in a highly competetive Market.

Therefore, we initiated a process to search for possible partners that could offer a larger industrial base that Maris could benefit from. Industrial competence is as important as capital in the further development of the Company. Another factor for Grieg in considering a sale is to be independent of any ties to suppliers of these type of maritime products going forward.

Relationship with Navico

We are pleased to announce that we have has signed an agreement with Navico to sell all our shares in Maris. We will receive shares in Navico, rather than cash which reflects the belief we have in the combined company. Navico will be able to offer Maris the competence and global network that will strenghten the strategic position further.

The synergy between Navico’s position as the number one provider of marine electronics to the recreational segmentand and Maris position within the professional market is beleived to be quite unique. Therefore we are pleased to see that both clients and employees of Maris are well taken care of under the new ownership.

By: Stig Grimsgaard Andersen, Chairman of the Board, Grieg International

For further details, please see the press release from MARIS