Garmin® Announces Completion of the Acquisition of its Austrian Distributor
Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the
acquisition of Puls Elektronik GmbH, the distributor of Garmin’s
consumer products in Austria. The company will be renamed Garmin Austria
GmbH and will retain its management, sales, marketing and supporting
staff, consisting of approximately 30 people, and will continue
operations at its current headquarters located in Nestelbach/Graz,
Austria.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said “We welcome the Puls
Elektronik team into the Garmin family. They have been successful in
making the Garmin brand the market leader in Austria and we expect the
completion of this acquisition to enable us to achieve additional
efficiencies and improve our ability to support key retail channels and
OEMs in Austria.”
Financial terms of the transaction were not released.
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 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
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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.
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