Norwegian high-tech group Kongsberg Gruppen ASA acquires US crane simulators developer GlobalSim Inc

Nordic Business Report, Feb 27, 2008

NORDIC BUSINESS REPORT-27 February 2008-Norwegian high-tech group Kongsberg Gruppen ASA acquires US crane simulators developer GlobalSim Inc(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian high-tech group Kongsberg Gruppen ASA announced on Wednesday (27 February) that it has agreed to acquire the US company GlobalSim Inc in a NOK100m deal.

GlobalSim, based in Salt Lake City, Utah, develops and sells crane simulators for training crane operators and optimising crane operations. The company has 25 employees. The company's main customers include the US military and major harbours worldwide.

"The acquisition will reinforce Kongsberg Maritime's operations related to training simulators for maritime and offshore applications, both of which are markets in continuous growth," Kongsberg Gruppen said in a brief statement.

Kongsberg Gruppen, headquartered in Kongsberg, Norway, is a high-tech group serving the offshore, merchant marine and defence markets. The group has over 4,200 employees in more than 20 countries, and reported revenues of NOK6.3bn in 2007. Kongsberg Gruppen is listed on the Oslo Stock Exchange and traded under the ticker KOG.

One British pound (GBP) is worth approximately 10.46 Norwegian kroner (NOK).

((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))