Garmin® Completes Acquisition of Danish Distributor
Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the acquisition of Fairpoint Navigation A/S (“Fairpoint”), the distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in Denmark. The company will be renamed Garmin Danmark A/S and will retain its management, sales, marketing and supporting staff, consisting of 35 people and will continue operations at its current headquarters and warehouse facility located close to Copenhagen.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said “We welcome the Fairpoint team into the Garmin family. Fairpoint has been successful in making the Garmin brand the market leader in Denmark and we expect the completion of this acquisition to enable us to strengthen our presence in the Nordic countries.”
Jens Jørgensen, managing director of Fairpoint, said, "We are very pleased to have successfully completed this transaction and we look forward as Garmin Danmark to building on our past success through the additional efficiencies and cost savings that can be achieved through full integration of Fairpoint with Garmin.”
Financial terms of the transaction were not released.
About Garmin International Inc.
Through its operating subsidiaries, Garmin Ltd. designs, manufactures, markets and sells navigation, communication and information devices and applications – most of which are enabled by GPS technology. Garmin is a leader in the consumer and general aviation GPS markets and its products serve aviation, marine, outdoor recreation, automotive, wireless 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 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 30, 2006 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 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.