Garmin® completes acquisition of Iiyonet, Inc.
Provides direct access to the growing Japanese market
Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the acquisition of Iiyonet, Inc., a key distributor of Garmin’s consumer products in Japan. The company is now a subsidiary of Garmin Japan, Ltd.
“The acquisition of Iiyonet will further bolster our sales and distribution efforts in a key Asian market,” said Cliff Pemble, president and CEO of Garmin. “This acquisition will enhance our ability to support our key retailers and OEMs in Japan.”
The company will retain substantially all of its management, sales, marketing and supporting staff and will continue operations at its current headquarters and warehouse facilities located in Saitama, Japan, near Tokyo.
Terms of the acquisition were not disclosed.
For over 25 years, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garmin, or youtube.com/garmin.
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