TomTom, the Dutch manufacturer of automotive navigation systems, on Tuesday said it has increased its stake in its Thailand joint venture from 80% to 100%.
This will give TomTom full control over its map operations in this emerging market. The joint venture will be renamed TomTom (Thailand) Co. Ltd.
“Thailand is a key market for us in APAC. It is seen as the automotive centre of South-East Asia, which makes this a logical next step in consolidating our strong local presence in the APAC region,” said Maarten van Gool, Managing Director TomTom Licensing.
The acquisition of this minority shareholder marks the third in a row this quarter. Earlier TomTom acquired 100% ownership of its Indian and Indonesian map operations.
TomTom didn’t disclose any financial details.
Last month, the Dutch company said earnings per share were 0.18 euros, up from 0.14 euros in the prior-year quarter. The Dutch company, who has been at the forefront of the satnav industry for many years aims to cut 50 million euros in costs, which will hopefully help it turn a decent profit in the coming months.
TomTom’s net profit was €28.9m, up from €19.3m from the same period a year ago, when it took a €20m restructuring charge, the company said.