Tuesday 21.September 2010
The American advanced-technology company Teledyne Technologies Inc. has acquired all shares in the Icelandic innovation company Hafmynd ehf. Saga Capital Investment Bank supervised and mediated the
transaction.
Hafmynd is a designing and manufacturing company of Gavia, autonomous underwater vehicle (AUV) or small submarines. The sellers are the Commercial Innovation Fund, Mr. Ossur Kristjansson founder of Ossur prosthetic company, and smaller stockholders.
Hafmynd has a team of 18 employees and the new owners do not intend to make any changes thereof. Teledyne intends to maintain a presence in Iceland with a focus on AUV research and development, testing and service, as well as providing support for other Teledyne Marine businesses. Hafmynd will operate as Teledyne Gavia.
"This is a direct foreign investment and is as good as they get. It is a clear example of how Icelandic innovation companies can grow and flourish from simple ideas to profitable companies and as such a desirable investment opportunities for international corporations" says Helga Valfells CEO of the Commercial Innovation Fund.
Teledyne Technologies is a leading provider of sophisticated electronic subsystems, instrumentation and communications products, engineered systems, aerospace engines, and energy and power generations systems. Teledyne's operations are primarily located in the United States, the United Kingdom and Mexico.
The Gavia AUV are unmanned and remote-controlled, small, light and mobile and equipped with cameras and all sorts of monitoring devices such as sonar, bathometer and salt detector. The submarines are optimal for underwater researches and surveillance and have been used for environmental researches, underwater measuring and searching, archaeological researches and harbor and oilrig surveillance. The Gavia modular architecture enables sensors to be easily integrated and lithium ion battery packs to be exchanged in the field.
Mr. Ossur Kristjansson states that Teledyne's acquisition of Hafmynd is an important recognition of Icelandic inventiveness. "Hafmynd is an Icelandic company based on the foundation of the most recent researches in the field of hi-tech machinery, software and telecommunications. The sale of the company recognizes Hafmynd's employees as the leading researchers in their field in the world" says Mr. Kristjansson.
Hafmynd was founded in 1999 by Mr. Hjalti Hardarson, engineer and the Fishing Industry Institute at the University of Iceland. However, the history of Hafmynd can be traced back to the University of Iceland's Science Institute in the late 70's. In 2007 Hafmynd won the Icelandic Centre for Research (RANNIS) and the Icelandic Export Council's innovation awards.
Hafmynd is a designing and manufacturing company of Gavia, autonomous underwater vehicle (AUV) or small submarines. The sellers are the Commercial Innovation Fund, Mr. Ossur Kristjansson founder of Ossur prosthetic company, and smaller stockholders.
Hafmynd has a team of 18 employees and the new owners do not intend to make any changes thereof. Teledyne intends to maintain a presence in Iceland with a focus on AUV research and development, testing and service, as well as providing support for other Teledyne Marine businesses. Hafmynd will operate as Teledyne Gavia.
"This is a direct foreign investment and is as good as they get. It is a clear example of how Icelandic innovation companies can grow and flourish from simple ideas to profitable companies and as such a desirable investment opportunities for international corporations" says Helga Valfells CEO of the Commercial Innovation Fund.
Teledyne Technologies is a leading provider of sophisticated electronic subsystems, instrumentation and communications products, engineered systems, aerospace engines, and energy and power generations systems. Teledyne's operations are primarily located in the United States, the United Kingdom and Mexico.
The Gavia AUV are unmanned and remote-controlled, small, light and mobile and equipped with cameras and all sorts of monitoring devices such as sonar, bathometer and salt detector. The submarines are optimal for underwater researches and surveillance and have been used for environmental researches, underwater measuring and searching, archaeological researches and harbor and oilrig surveillance. The Gavia modular architecture enables sensors to be easily integrated and lithium ion battery packs to be exchanged in the field.
Mr. Ossur Kristjansson states that Teledyne's acquisition of Hafmynd is an important recognition of Icelandic inventiveness. "Hafmynd is an Icelandic company based on the foundation of the most recent researches in the field of hi-tech machinery, software and telecommunications. The sale of the company recognizes Hafmynd's employees as the leading researchers in their field in the world" says Mr. Kristjansson.
Hafmynd was founded in 1999 by Mr. Hjalti Hardarson, engineer and the Fishing Industry Institute at the University of Iceland. However, the history of Hafmynd can be traced back to the University of Iceland's Science Institute in the late 70's. In 2007 Hafmynd won the Icelandic Centre for Research (RANNIS) and the Icelandic Export Council's innovation awards.
