Volvo Penta announced that it has signed an agreement to become the major shareholder of Humphree, a Gothenburg, Sweden, manufacturer of control systems, vessel monitoring systems and steering assist systems. No financial terms were provided.
Volvo Penta said having a majority share in Humphree will further accelerate the next step in its effort to become a full marine system supplier. The companies will also collaborate to pursue solutions for a wide range of marine vessels, such as active ride control for pleasure and commercial marine applications.
Humphree supplies interceptors, optimizing trim systems which reduce pitch and roll, steering alternatives to waterjet bucket deflection, sub-cavitating and base-ventilated stabilizing fins, and hydrodynamic services.
In recent years, Volvo Penta has used Humphree as a supplier for its Interceptor System (IS). An upgrade to the IS will be launched this year.
“Both companies are leaders within their respective segments in the marine industry, which has resulted from having a passion for developing and manufacturing high quality, innovative systems,” said Björn Ingemanson, president of Volvo Penta. “This, of course, benefits the end user.
“This deal marks a new chapter in offering the best marine application solutions for customers, and we look forward to a new and exciting working relationship.”
Humphree was founded in 2001 by a team of hydrodynamic experts and marine engineers. It has a global presence, which will be enhanced greatly by its association with Volvo Penta. Humphree will operate as a stand-alone entity retaining its brand, product line and organization.
“With an even closer working partnership, we can fully access Humphree’s expertise in its field,” said Johan Carlsson, senior vice president of product planning, product development and purchasing at Volvo Penta. “We can explore further technological avenues to ensure expanded functionality of our marine systems, and re-affirm Volvo Penta’s position as a global market leader.”
The transaction is subject to conditions and expected to close within four weeks.