RAYMARINE UP FOR SALE

Raymarine’s non-thermal maritime electronics business could be sold, according to parent company FLIR Systems.

The announcement was made by Jim Cannon, president and CEO FLIR, as he commented on the company’s fourth-quarter results.

“Our Commercial Business Unit continued to face challenges that negatively impacted FLIR’s consolidated organic revenue growth and profitability targets for the full year,” he said. “To better position FLIR to deliver long-term growth through the execution of our strategic priorities, we have launched ‘Project Be Ready’. This initiative aims to simplify our product portfolio and better align resources with higher growth opportunities while reducing costs.”

Through Project Be Ready, certain non-core consumer centric product lines have been discontinued and the formal process to evaluate divestiture of Raymarine has been entered into.

Integration

The remaining businesses within the unit will be integrated into the company’s Industrial Business Unit.

Overall, fourth quarter 2019 revenue was US$489m, 9% higher than fourth quarter 2018 revenue of US$448.5m.

The full year revenue was US$1.9 billion.

Commercial Business Unit last quarter revenues totalled US$85.5m, down 10.6% from the previous year. Full year 2019 revenue was $1,887.0m, an increase of 6.3% compared to $1,775.7m for the year ended December 31, 2018. Organic revenue growth was 1.1%.