Garmin® Ltd. Announces Signing of Agreement To Acquire Navigon® AG
Schaffhausen, Switzerland and Hamburg, Germany /June 14, 2011/Business Wire — Garmin Ltd. (Nasdaq:
GRMN)
and Navigon AG announced today that Garmin Ltd. and the shareholders of Navigon AG have signed
an agreement
for a subsidiary of Garmin to acquire privately-held navigation provider Navigon AG (“Navigon”).
“This
acquisition
is a great complement to Garmin’s existing automotive and mobile business. Navigon
has invested
significantly in the European automotive OEM business, and we feel that we can rapidly expand
our automotive
OEM footprint and capabilities through this transaction,” said Cliff Pemble, Garmin’s
president
and COO. “With Navigon, we are also acquiring one of the top-selling navigation
applications
for the iPhone and Android platforms – something that we expect will help drive revenue
for the
combined company going forward. Combining Navigon’s and Garmin’s strengths
also improves
our competitiveness and standing, particularly in Europe.”
Navigon is headquartered
in Germany.
In addition to its automotive OEM and navigation application for smartphones, the company
has an estimated
seven percent share in portable navigation devices (PNDs) in Europe. In regards
to PNDs, Navigon’s
products are known for their compelling design, performance, and innovative
software features.
“We
look forward to sharing expertise, technologies, and relationships
between Navigon and Garmin in order
to serve more customers, expand product offerings, and lead the market
in hardware and software innovation,”
said Egon Minar, CEO of Navigon. “Our two companies
each bring complementary strengths to
the table, but what we share is a passion for customer satisfaction
through innovation.”
Navigon
will operate as a subsidiary of Garmin Ltd. The acquisition
is subject to regulatory approvals
and other customary closing conditions. Financial terms of the transaction
will not be released.
Garmin provides a broad range of in-vehicle electronics for the automotive
industry, including automotive
grade infotainment and telematics systems, navigation software, and integrated
portable navigation systems.
Since
its inception in 1989, Garmin has delivered 85 million GPS
enabled devices – far more than any
other navigation provider. Garmin’s market breadth
in the GPS industry is second to none,
having developed innovative products and established a leadership
position in each of the markets it
serves, including automotive, aviation, marine, fitness, outdoor recreation,
tracking, and wireless applications.
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 http://www8.garmin.com/company/newsroom/
or contact the Media Relations department
at 913-397-8200. Garmin and Forerunner are registered trademarks
and ANT+ and Garmin Connect are trademarks
of Garmin Ltd. or its subsidiaries.
About NAVIGON:
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.
