Acquisition of RICO (PTE) LTD in Singapore
It is our pleasure to announce that FURUNO ELECTRIC CO., LTD., has acquired 51 per cent shares of RICO (PTE) LTD and will take all of the remaining 49 per cent in 4 to 5 years.
The logic behind acquisition of RICO
FURUNO has engaged in development, production and sales of various navigation and communication equipment for maritime sector of the industry, including merchant marine, fishery and recreational marine segments on the global scale. FURUNO has, thus far, been providing the customers in Singapore and neighboring countries with the products and spare parts as well as after-sales services through RICO, based upon the distributorship agreement between FURUNO and RICO. Since it is recognised that the importance of Singapore has increased significantly as FURUNO's sales and service base over the last few years, it has become imperative that FURUNO should further enhance sales/marketing activities as well as technical service provision scheme, by directly dealing with the customers there. This would lead to further boosting of customer satisfaction in Singapore. RICO will also act as FURUNO's operation base for a new field of business, that is, servicing for the offshore oil & gas industry. This is because FURUNO has decided to acquire RICO.
General overview of RICO (PTE) LTD
Company's name: RICO (PTE) LTD
Address: No. 17 Loyang Lane, 508917, Singapore
Description of business activities: Supply, installation and repair of electronic equipment for the marine and offshore industry.