Nam Tai Electronic and Electrical Products Ltd. and its parent firm, Nam Tai Electronics Inc. have agreed to purchase a majority interest in Namtek Software Development Company Ltd. in a transaction valued at $26.7 million.
NTEEP currently manufactures consumer electronics and communications products. Namtek’s accomplishments include car navigation systems. NTEEP chief financial officer Joseph Hsu said the acquisition will allow NTEEP to “embark upon the automotive electronics sector more swiftly.” He added that the firm intends to provide a one-stop solution for car navigation from map formatting, software and hardware development, to PCB assembly.