Garmin® completes acquisition of Tacx

Garmin Ltd. (NASDAQ: GRMN) today announced that it has completed the
acquisition of Tacx Onroerend en Roerend Goed B.V (“Tacx”), a
privately-held Dutch company that designs and manufactures indoor bike
trainers, tools and accessories, as well as indoor training software and
applications.

“We are pleased to have the Tacx team join the Garmin family, and we are
excited to add indoor training solutions to the Garmin fitness
portfolio,” said Cliff Pemble, Garmin president and CEO. “We are looking
forward to leveraging the outstanding expertise and skills of the Tacx
team to provide a seamless indoor and outdoor experience for athletes
year round.”

Tacx will continue operations at its current headquarters in Wassenaar,
Netherlands, along with its distribution center located in Vogt,
Germany. The company employs nearly 200 associates who will become part
of the global Garmin team. To further leverage the growing market for
indoor bike trainers, Tacx will continue its capital investment project
currently underway to expand its R&D and production capacity. Financial
terms of the transaction were not released.

For decades, Garmin has pioneered new GPS navigation and wireless
devices and applications that are designed for people who live an active
lifestyle. Garmin serves five primary markets, including automotive,
aviation, fitness, marine, and outdoor recreation. For more information,
visit Garmin’s virtual pressroom at garmin.com/newsroom, contact the
Media Relations department at 913-397-8200, or follow us at
facebook.com/garmin, instagram.com/garmin, twitter.com/garmin, or
youtube.com/garmin.

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