Garmin® Completes Acquisition of Distributor in Belgium/Luxembourg
Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the
acquisition of Formar Electronics N.V./ S.A. (“Formar”), the distributor
of Garmin’s automotive, outdoor recreation, fitness and marine products
in Belgium and Luxembourg. The company will be renamed Garmin Belux
N.V./S.A and will retain its management, sales, marketing and supporting
staff, consisting of 25 people and will continue operations at its
current headquarters and warehouse facility located in Brussels.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said “Our strategy of
acquiring key distributors in Europe has enabled us to increase our
market share in Europe and we are now delighted to welcome the Formar
team into the Garmin family. Formar has been successful in creating a
strong presence for the Garmin brand in Belgium and Luxembourg. We
anticipate the completion of this acquisition will enable us to expand
on that success by improving our ability to support the key retail
channels and OEMs in these countries.”
Benoit de Bergeyck, managing director of Formar said “We are very
pleased that Garmin now has an office in the capital of Europe and we
intend to work hard as Garmin Belux to build on our past success with
the increased efficiencies that can be achieved as an integrated part of
the Garmin European marketing and sales organization.”
Financial terms of the transaction were not released.
About Garmin International Inc.
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.
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