Volvo Penta has signed an agreement that will see it become the major shareholder of marine technology provider, Humphree.
Volvo Penta believes acquiring a majority share in Humphree will further accelerate its plans to become a full marine system supplier. Volvo Penta says it will gain the ability to extend its range of boat dynamics solutions with new trim and stabilization functions. Greater assimilation of new functionality is expected to deliver increased speed and performance, enhanced maneuverability and comfort, and better monitoring and safety for the end user.
"We are delighted to announce that we have acquired majority ownership in Humphree,' says BjÃ¶rn Ingemanson, President of Volvo Penta. "Both companies are leaders within their respective segments in the marine industry, which has resulted from having a passion for developing and manufacturing high quality, innovative systems. This deal marks a new chapter in offering the best marine application solutions for customers, and we look forward to a new and exciting working relationship.'
"This is a great chance for us to fully establish ourselves on the international stage and open up our products to new markets,' says Humphree's CEO, Per Landegren. "We will enhance our continuous development of the Humphree product portfolio, while taking advantage of the benefits that Volvo Penta's marine experience brings. We have worked hard over the past 15 years to develop state-of-the-art marine technologies, and we are delighted that our systems and brand are recognized as offering the highest quality boating solutions.'
Humphree will be able to access a greater client base via Volvo Penta's international network of dealer and service centres.
The companies will also collaborate to pursue cutting-edge solutions for a wide range of marine vessels, such as active ride control. The strategic collaboration is expected to deliver marine leisure and commercial applications for both companies.
Sweden-based Humphree is a manufacturer of technology systems for low to high-speed vessels. It provides interceptors, optimizing trim systems that reduce pitch and roll, steering alternatives to water-jet bucket deflection, sub-cavitating and base-ventilated stabilizing fins, and hydrodynamic services.
In recent years, Volvo Penta has used Humphree as a supplier for its Interceptor System (IS). An upgrade to the IS will be launched this year.
Volvo Penta has more than a century of experience in the development, manufacture and marketing of engines and complete power systems for boats and industrial applications.
The company has customers in more than 130 countries around the world.
Humphree was founded in 2001 by a team of hydrodynamic experts and marine engineers. It has a global presence that should be enhanced by its association with Volvo Penta. Humphree will operate as a stand-alone entity retaining its brand, product line and organization.
The transaction is subject to conditions and expected to close within four weeks.