Copenhagen, March 6, 2003. As part of its ongoing strategy to focus on its two main product lines, Network Monitoring and Field Instrumentation, NetTest has decided to spin-off NetTest (Canada) Inc., its Telecommunication Laboratory Products Division to a Management Buy Out.
Stéphane Attal, formerly General Manager of the Division, will head the new company, Navtel Communications Inc. Stéphane commented that "the entire management team and all key employees of NetTest (Canada) Inc. are now part of Navtel Communications and proud to service and support their customers".
The CEO of NetTest, Allan J. Vestergaard, stated that "the decision to spin off the division will allow NetTest to focus more on implementing their overall company strategy of being a leading provider of Network Monitoring and Field Instrumentation solutions. This strategic decision will ultimately allow both companies to better meet the needs of customers for solutions that optimize network performance."
NetTest and Navtel plan to maintain a relationship for various technology developments and potential distribution partnerships. NetTest is a provider of test and measurement instruments and network management solutions designed to empower global telecommunication leaders in optimizing their business performance.
Last December, Axcel, the leading private industrial equity fund in Denmark and a management group composed of private investors acquired NetTest from GN Great Nordic. NetTest is headquartered in Copenhagen, Denmark and is represented in business centers in Denmark and the United States and through sales subsidiaries and distributors throughout the world.
NetTest (Canada) Inc. has become Navtel Communications Inc. through a Management Buy-Out. Navtel Communications Inc. was first established as Navtel Inc. in 1976. The company was acquired in 1990 by Great Nordic and subsequently became GN NetTest (Canada) Inc. in 1996 and NetTest (Canada) Inc. in 2001. On February 13, 2003, NetTest (Canada) Inc. became a privately held company under its new name Navtel Communications Inc. Financial details of the agreement were not disclosed.
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