Echotec Sonar and Northstar Electronics complete acquisition
Northstar Electronics has completed its purchase of Echotec Sonar
Echotec Sonar is now a wholly-owned subsidiary of Northstar Electronics, following the completion of its acquisition.
This tie-up, which follows business negotiations between the two brands, will result in Echotec being Northstar's cornerstone entity.
It will enable Northstar to aggressively pursue the development of cutting-edge and innovative sonar systems for a range of clients in sectors such as commercial shipping and fishing, cruise ships and Homeland Security.
Northstar is actively seeking new partners for funding, projects and joint initiatives at present.
Echotec Sonar president and chief executive officer Phil Johnson claimed the firms believe there is a high level of synergy and compatibility between both enterprises' business objectives and interests, which was an important factor in the transaction.
"After fielding more than 25 sonar designs for the defence and scientific markets, it was clear all of these solutions could now be implemented using off the shelf processors and video cards," he had previously noted after the signing of the letter of intent for the acquisition.
Posted by Ron Maverick
Source: Northstar Electronics press release, May 24th