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KPIT Technologies said it expects the acquisition of first tranche of 25 per cent stake in Future Mobility to be completed in September 2021, while 100 per cent acquisition is expected by the last quarter of financial year 2023-24.
US boatbuilder Willard Marine will go to another buyer. Sealegs owner Future Mobility Solutions says it has defaulted on the payment of “certain deferred consideration” to the sellers of US company Willard Marine, acquired in February 2018. Willard, a maker of rigid inflatable boats for military, emergency and commercial customers in the US, made a loss of $5 million in the year to March 2020 from revenue of $11.8m. In a statement to the Unlisted share trading platform, FMS said because of the default, “the sellers have exercised their rights to seek a new purchaser for Willard Marine...
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Amphibious boat builder Sealegs hit with $6.8m damages claim 22 Dec, 2020 04:46 AM 3 minutes to read NZ Herald Amphibious boat builder Sealegs International has been served with a $6.8 million damages claim following a long-running legal case it lost on appeal. Sealegs, owned by Future Mobility Solutions, originally won a copyright injunction against rival companies Orion Marine and Smuggler Marine preventing them producing or marketing their boats. That decision was overturned by the Court of Appeal in August 2019 and Sealegs was unsuccessful in applying for leave to appeal to the Supreme Co...