Royal Nedlloyd Group NV, the Rotterdam, Netherlands-based shipping and transport group, announced Wednesday the sale of Radio Holland, a marine electronics supplier.
Nedlloyd is selling Radio Holland to HAL Investment BV, which plans to merge the group with Brussels-based SAIT Electronics NV.The sale of Radio Holland, said to be the world's leading marine electronics supplier, is the latest in a string of disposals by Nedlloyd which intends to concentrate on its core ocean shipping and trucking activities.
Radio Holland, with 1990 revenues of 310 million guilders ($168.5 million) and 1,200 employees, distributes, installs and maintains electronic equipment on ships.
SAIT, which is listed on the Brussels stock exchange, had 1990 sales of around 290 million guilders and a work force of 900. It is involved in mobile communications, navigation and location tracking equipment on land and at sea.
A new company is being created to operate the merged firm.
Nedlloyd currently is negotiating the sale of a 50 percent stake in a Rotterdam bulk terminal and a small chemical tanker fleet.