TomTom denies talk of consumer division sale
Date: Thursday, July 04 @ 06:33:59 UTC
Topic:
Reports that TomTom is looking to sell its consumer navigation business have been denied by the Dutch navigation company.
The rumours surfaced following an interview with TomTom Chief Exec Harold Goddijn by NRC Handelsbad. In the interview he declined to rule out the possibility of a sale of the consumer division.
TomTom have said that the comment was taken out of context and that there were no plans to sell their PND division. Although it is still profitable, the market is shrinking at between 10 and 15% each year. TomTom have been working hard to build their automotive business sales business.
Shares initially rose on the rumour with buyers hoping that a sale may be on the cards with analysts believing TomTom shares would be a better prospect without the PND business. TomTom have also faced pressure to sell off their mapping division.
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