Norway: Bergen-based Rhea Capital II, a venture capital company, has purchased 36.6 percent of the shares in Servogear from Matre & Co, with an option to increasing their shareholding to 67.8 percent.
Headquartered in Rubbestadneset, off Norway's west coast, Servogear has delivered more than 1,350 Servogear Ecoflow Propulsor gearboxes and CP propeller systems since the company was founded in 1973.
The majority were installed in high-speed vessels and in workboats that need both high speed and towing capabilities.
Servogear has made a profit almost every year since the beginning, and has an expected turnover of US$11.6 million for 2009, 50 percent up from last year.
The result for 2009 is expected in excess of US$1.2 million.
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