Garmin® and Volvo Penta Form Strategic Alliance to Create Marine Instrumentation, Navigation and Communication Equipment
SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin Ltd., (NASDAQ: GRMN), the global leader in satellite navigation, today announced that the company has entered into a strategic alliance with AB Volvo Penta, a world-leading supplier of integrated propulsion systems. This alliance will leverage the companies’ navigation and propulsion expertise to develop and market innovative marine instrumentation and communication equipment. This alliance was announced at the Miami International Boat Show, February 17-21, 2011, and the companies expect to begin introducing products in 2012.
“Garmin and Volvo Penta have an established history of successful collaboration starting with the introduction of our GHP 10V autopilot system designed specifically for the Volvo IPS drive,” said Cliff Pemble, Garmin’s president and COO. “This alliance builds upon that success and further addresses the customer demand for more fully integrated system solutions. We are honored to be working with Volvo Penta, and we look forward to providing the market with new levels of full-color state-of-the-art multifunction display integration.”
"The Volvo Penta and Garmin strategic alliance will provide our mutual customers access to state-of-the-art communication technology and a complete programme of multifunctional instruments which will significantly strengthen our world-leading position when it comes to complete, integrated drive systems for boats," said Göran Gummeson, Volvo Penta’s CEO and president.
As the industry increasingly looks for integrated system solutions for the entire vessel, including propulsion systems, this new alliance creates unique opportunities to meet and exceed these demands. As Volvo Penta continues to link engines and transmissions with instruments, controls and accessories in the electronic vessel control platform, known as the EVC, they can now leverage Garmin’s innovative instrumentation, navigation and communication solutions to deliver the ideal cruising experience.
Boat builders, dealers and end users will all benefit from the important advantages this new alliance brings. Having an all-in-one integrated system gives boat builders a streamlined solution with a simplified installation process. And with Garmin’s wide range of multifunction displays, the builder benefits from more creative and flexible dashboard solutions. For dealers and end users, the turn-key solutions formed from this alliance will enhance the driving experience, making boating easier and more convenient with a strong focus on comfort and ease of use.
Since its inception in 1989, Garmin has delivered 75 million GPS enabled devices – far more than any other navigation provider. Garmin’s market breadth in the GPS industry is second to none, having developed innovative products and established a leadership position in each of the markets it serves, including automotive, aviation, marine, fitness, outdoor recreation, tracking, and wireless applications.
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/newsroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
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 Quarterly Report on Form 10-Q for the quarter ended June 26, 2010, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-Q is available at 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.
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