Hemisphere GPS, Inc., is selling its non-agricultural holdings to a Canadian firm for $15 million and adopting a new name -- AgJunction.
Beijing UniStrong Science & Technology Co. Ltd. is purchasing the holdings which include Hemisphere's Precision Products portfolio which serves the marine, land survey, construction, mapping and OEM industries.
Rick Heiniger, President and CEO of Hemisphere says the move will allow the company to "focus on the core platforms necessary to extend our leadership in precision agriculture."
Included in the sale is an agreement for Hemisphere and UniStrong to form an alliance and business relationship covering supply chain management, customer support, non-competition and cross-licensing of technology.
The sale has not interrupted Hemisphere's agricultural business and the new Outback MAX product, integrated with AgJunction, has been well received recently in the market.
AgJunction will retain its listing on the Toronto Stock Exchange under the ticker symbol AJX.
Check out our extensive roundup of new products from the fall farm shows, visit www.farmprogress.com/2012showproducts - the more people we send that way the better.
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And, there's always something new going on at our world-class show sites:
Farm Progress Show
Husker Harvest Days
New York Farm Show