Hemisphere GNSS, a subsidiary of Beijing UniStrong Science & Technology, purchased the precision products business from Hemisphere GPS for nearly $15 million on Jan. 31.
Hemisphere GPS then announced it intends to change its name to AgJunction. As part of the deal, Hemisphere acquired the entire high-precision GNSS product lines, all related intellectual property rights and the Hemisphere GPS trademarks and brands.
Phil Gabriel has been appointed president of Hemisphere GNSS and will also serve as a board member. He was vice president and general manager of the precision products business for the past six years.
“We are truly excited about our future growth prospects as a fully focused GNSS products and technology provider,” Gabriel said. “I would like to assure all our global distribution partners, suppliers and customers that it remains business as usual as we take our first steps forward with the strong backing of UniStrong.”
With this acquisition, UniStrong is expanding its capabilities in the high-precision GNSS business and also expects to promote commercial applications of China’s BeiDou Navigation System (BDS).
As part of the agreement, Hemisphere and AgJunction have formed a strategic alliance and a collaborative business relationship covering supply chain management, customer support, technology development and cross-licensing.
Hemisphere GNSS Buys Precision Products From Hemisphere GPS
February 4, 2013