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
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
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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 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.
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