Garmin® Completes Acquisition of Distributor in Belgium/Luxembourg
Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the acquisition of Formar Electronics N.V./ S.A. (“Formar”), the distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in Belgium and Luxembourg. The company will be renamed Garmin Belux N.V./S.A and will retain its management, sales, marketing and supporting staff, consisting of 25 people and will continue operations at its current headquarters and warehouse facility located in Brussels.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said “Our strategy of acquiring key distributors in Europe has enabled us to increase our market share in Europe and we are now delighted to welcome the Formar team into the Garmin family. Formar has been successful in creating a strong presence for the Garmin brand in Belgium and Luxembourg. We anticipate the completion of this acquisition will enable us to expand on that success by improving our ability to support the key retail channels and OEMs in these countries.”
Benoit de Bergeyck, managing director of Formar said "We are very pleased that Garmin now has an office in the capital of Europe and we intend to work hard as Garmin Belux to build on our past success with the increased efficiencies that can be achieved as an integrated part of the Garmin European marketing and sales organization.”
Financial terms of the transaction were not released.
About Garmin International Inc.
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 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 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.