CAYMAN ISLANDS, June 30 /PRNewswire-FirstCall/ -- Garmin Ltd.
(Nasdaq: GRMN) announced today that it has completed the acquisition of NavCor
Oy ('NavCor'), the distributor of Garmin's automotive, outdoor recreation,
fitness and marine products in Finland. The company will be renamed Garmin
Suomi Oy and will retain its management, sales, marketing and supporting
staff, and will continue operations at its current headquarters and warehouse
facility located in Lohja, Finland.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO)
Dr. Min Kao, chairman and CEO of Garmin Ltd., said, 'We are very pleased
to complete this acquisition and to be able to integrate the NavCor team into
the Garmin organization. We anticipate the completion of this acquisition will
enable us to expand our ability to support the key retail channels for our
products in Finland.'
Tony Malmstrom, managing director of NavCor, said, 'We look forward to
achieving further growth of Garmin's sales in Finland and to realizing the
benefits of full integration into the Garmin team.'
Financial terms of the transaction were not released.
About Garmin Ltd.
The global leader in satellite navigation, Garmin Ltd. and its
subsidiaries have designed, manufactured, marketed and sold navigation,
communication and information devices and applications since 1989 -- most of
which are enabled by GPS technology. Garmin's products serve automotive,
mobile, wireless, outdoor recreation, marine, aviation, and OEM applications.
Garmin Ltd. is incorporated in the Cayman Islands, and its principal
subsidiaries are located in the United States, Taiwan and the United Kingdom.
For more information, visit Garmin's virtual pressroom at
http://www.garmin.com/pressroom or contact the Media Relations department at
913-397-8200. Garmin is a registered trademark of Garmin Ltd.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and
its business. Such statements are based on management's current expectations.
The forward-looking events and circumstances discussed in this release may not
occur and actual results could differ materially as a result of known and
unknown risk factors and uncertainties affecting Garmin, including, but not
limited to, the risk factors listed in the Annual Report on Form 10-K for the
year ended December 29, 2007 filed by Garmin with the Securities and Exchange
Commission (Commission file number 0-31983). A copy of Garmin's Form 10-K can
be downloaded at
http://www.garmin.com/aboutGarmin/invRelations/finReports.html.
No forward-looking statement can be guaranteed. Forward-looking statements
speak only as of the date on which they are made and Garmin undertakes no
obligation to publicly update or revise any forward-looking statement, whether
as a result of new information, future events, or otherwise.
SOURCE Garmin Ltd.
