Garmin® Acquires Nexus® Marine AB, A Leading Supplier of Instrumentation for the Sailing Market
SCHAFFHAUSEN, Switzerland & STOCKHOLM--(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN), the global leader in satellite navigation, today announced that one of its subsidiaries has acquired Nexus Marine AB, a privately held designer and manufacturer of instrumentation for the sailing and yachting market. The acquisition is being announced in conjunction with the Southampton Boat Show, September 14-23, 2012.
“Nexus Marine is very highly respected in the sailing market, and we’re happy to have them aboard,” said Cliff Pemble, Garmin’s president and COO. “Nexus’ passion and expertise for this market, combined with Garmin’s capabilities and presence, are sure to make this combination a success.”
“Garmin has a lot of credibility in the broader marine market, and Nexus is a premier brand among sailors,” said Richard Macalister, CEO of Nexus Marine AB. “Combining the two makes perfect sense – for our companies and our customers.”
Nexus Marine AB will operate as Garmin Stockholm AB, a wholly owned subsidiary of Garmin Ltd. Financial terms of the acquisition will not be 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 Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.
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