Garmin® Ltd. Announces Clearance from Germany’s Federal Cartel Office for Acquisition of Navigon® AG
SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN) announced today that it has received antitrust clearance from Germany’s Federal Cartel Office in connection with the planned acquisition of privately held navigation provider Navigon AG by a subsidiary of Garmin Ltd. The acquisition is expected to be completed on July 26, 2011.
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/newsroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries.
Navigon AG is a world-leading navigation company from Germany. With own portable navigation devices and thanks to successful partnerships in the consumer electronics, mobile phone service and automotive sectors Navigon stands for high-quality GPS navigation for PNDs, smartphones and other platforms. Navigon develops software for all relevant operating systems. Navigon was established in 1991, with subsidiaries in Europe, Asia and North America.
Notice on forward-looking statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. All statements regarding the company’s future product introductions are forward-looking statements. 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 25, 2010, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K 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.