INVESTOR CONTACT: Sonia Ross (403) 295-4532
(Calgary, Alberta, Canada, January 10, 2008) - NovAtel Inc. is now a wholly-owned subsidiary of Hexagon AB (STO:HEXA B) (Hexagon), as a result of the completion of the compulsory acquisition of NovAtel's remaining outstanding common shares by Hexagon. NovAtel will remain a Canadian company, and continue to execute its proven growth strategy as a leading OEM provider of GPS and GNSS+ technology and products world-wide. NovAtel will operate as an independent subsidiary of Hexagon and will conduct its business relations with other Hexagon subsidiaries on an arm's length basis.
“A large part of our success over the past five years has been the result of executing our strategy as a focused OEM supplier of GNSS+ technologies that does not compete with its customers. We are committed to following this strategy in our new role as a Hexagon subsidiary. As an industry leader in GNSS technology, we will continue to provide highly integrated, precise positioning products for our customers, and continue to develop new and complementary technology to expand into new segments and markets,” said Jon Ladd, President and CEO of NovAtel. “We are enthusiastic to be a part of the Hexagon group of companies and, with their support, to move forward aggressively with our vision and business plan for NovAtel's growth.”
“NovAtel is a technology leader and has achieved impressive results through expanding its product portfolio and growing its global customer base,” added Ola RollÃ©n, CEO and President of Hexagon. “We expect NovAtel to be a cornerstone in our OEM technology strategy and act as a growth platform in the area of GPS, GNSS and other complementary technologies. NovAtel will continue their strong support of their current customer base and will also provide support to Hexagon's expanding set of companies in what we define as the Macro Measurement Space.”
Hexagon AB is a global technology group with strong market positions within measurement technologies and polymers. Hexagon's vision is to be number one or number two in each strategic business area. The group has about 9,400 employees in 30 countries and net sales of about 14,000M SEK. For more information, visit www.hexagon.se.
NovAtel Inc. is a leading provider of precision Global Navigation Satellite System (GNSS) components and subsystems that afford its customers rapid integration of precise positioning technology. The Company's mission is to provide exceptional return on investment and outstanding service to its customers. An ISO 9001 certified company, NovAtel is focused on developing quality OEM products including receivers, antennas, enclosures and firmware that are integrated into high precision positioning applications worldwide. These applications include surveying, Geographical Information System (GIS) mapping, precision agriculture machine guidance, port automation, mining, marine and defence industries. NovAtel's reference receivers are also at the core of national aviation ground networks in the USA, Japan, Europe, China and India. The Company is committed to providing its customers with advanced positioning technology through significant R&D investment focusing on the modernized Global Positioning System (GPS), the revitalized Russian GLONASS and the emerging European Galileo satellite systems, as well as the integration of additional complementary technologies such as Inertial Measurement Units (IMUs). For more information, visit www.novatel.com.
Posted on 10/01/2008