Garmin® Signs Letter of Intent to Acquire Danish Distributor
CAYMAN ISLANDS, Oct. 11 -- Garmin Ltd. (NASDAQ:GRMN) announced today that it has signed a letter of intent for the proposed acquisition of Fairpoint Navigation A/S ("Fairpoint"), the distributor of Garmin's consumer products in Denmark. 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. The acquisition is expected to be completed in January 2008.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said, "The acquisition of Fairpoint will strengthen our presence in the Nordic countries. Fairpoint has been successful in making the Garmin brand the market leader in Denmark and we hope to build on that success."
Jens Jorgensen, managing director of Fairpoint said, "Fairpoint and Garmin have worked together successfully to make Garmin the leading brand of portable navigation devices in Denmark. We anticipate that the full integration of Fairpoint into the Garmin family will enable us to achieve additional efficiencies and cost savings that will benefit our customers and further drive sales of Garmin products in Denmark."
Financial terms of the proposed transaction were not released. Following the acquisition, Fairpoint is expected to change its name to Garmin Danmark A/S. The company will retain its management, sales, marketing and supporting staff, consisting of approximately 30 people, and will continue operations at its current headquarters located in a suburb of Copenhagen.
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 garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd.
FCMN Contact: jessica.myers@garmin.com
Source: Garmin Ltd.
CONTACT: Ted Gartner or Jessica Myers both of Garmin International Inc.,
+1-913-397-8200, media.relations@garmin.com
Web site: http://www.garmin.com/
