The amount of the transaction is not disclosed, as well as there are no other details of the financial side of the transaction.
Recall that on June 18, 2020, the owners of White's announced the termination of the company's activities and the dismissal of almost all employees.
The reason for this decision was the difficult financial condition of the company. The metal detector market fell significantly due to the general economic downturn of 2020, which hit the financial assets of the already barely afloat company White's. And now, Garrett Metal Detectors has announced the purchase of White's assets.
These are intellectual property rights, white's brand rights and manufacturing equipment.
A statement posted on Garrett's website said Garrett was proud to merge with White's and his past history of competition in the overall amateur metal market.
Rumors about the plight of The Whites have been going on for a long time, the last three years.
It was said that for the brand and assets Whites asked for 30 million dollars, but there were not many willing. For example, Nokta Makro would like to buy Whites only because of the multi-frequency technology and development of the Whites V3i platform. Minelab did not show much interest, because at one time, 25 years ago, Meinlab sold white's development on multi-frequency technology.
Let's see what happens next. I would like to see further development of the joint line of Whites Garrett, for example, the creation of professional metal detectors Garrett series AT - multi-frequency metal detectors for universal search both on the ground and under water.
