Garmin® Signs Letter of Intent to Acquire Italian Distributor
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Garmin International, Inc.
1200 E. 151st St.
Olathe, KS, 66062
Press release date: August 3, 2007
CAYMAN ISLANDS, Aug. 3 / -- Garmin Ltd. announced today that it has signed a letter of intent for the proposed acquisition of Synergy S.p.A. ("Synergy") the distributor of Garmin's consumer products in Italy. The completion of the acquisition is subject to the negotiation and execution of a definitive acquisition agreement, the completion of legal and financial due diligence and customary closing conditions.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said "The acquisition of Synergy will complete our strategy to strengthen Garmin's presence in the key European markets. Garmin has from the beginning owned its distributor in the U.K. and has now acquired, or is in the process of acquiring, its distributors in Europe's other largest markets: France, Germany, Italy and Spain. Synergy has been successful in developing a strong presence in Italy for the Garmin brand and we anticipate that the full integration of Synergy into the Garmin family will enable us to achieve further expansion of our sales in Italy".
Sandro Ligossi, president of Synergy said "We are proud of our success to date in creating market share for Garmin's products in Italy and we are excited about the efficiencies and opportunities that can be reached through full integration into Garmin."
Financial terms of the proposed transaction were not released. Following the acquisition, Synergy is expected to change its name to Garmin Italia S.p.A. The company will retain its management, sales, marketing and supporting staff, consisting of approximately 40 people, and will continue operations at its current headquarters located in Milan.
Garmin completed the acquisition of its French and German distributors earlier this year and in July announced the signing of a letter of intent to acquire its Spanish distributor.
About Garmin Ltd.
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 at http://www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.
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