Garmin® Completes Acquisition of Spanish Distributor
CAYMAN ISLANDS, Nov. 30 / -- Garmin Ltd. (NASDAQ:GRMN) announced today that it has completed the acquisition of Electronica Trepat S.A. ("Electronica Trepat"), the principal distributor of Garmin's consumer products in Spain. The company will be renamed Garmin Iberia S.A. and will retain its management, sales, marketing and supporting staff, consisting of approximately 60 people and will continue operations at its current headquarters and warehouse facility located close to Barcelona.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said "The completion of our acquisition of Electronica Trepat is a further step in our ongoing strategy to strengthen Garmin's presence in key European markets through vertical integration."
Fernando Trepat, president of Electronica Trepat said "We look forward to achieving further growth of Garmin's sales in Spain and to realizing the benefits of full integration into the Garmin team."
Financial terms of the proposed transaction were not released.
Earlier in 2007 Garmin completed the acquisition of its distributors in France and Germany and on November 27, Garmin completed the acquisition of its distributor in Italy. On August 23, Garmin announced the signing of a letter of intent to acquire its Danish distributor. This acquisition is expected to be completed in January 2008.
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 www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.
FCMN Contact: jessica.myers@garmin.com
Source: Garmin Ltd.
CONTACT:
Ted Gartner, or Jessica Myers, both of Garmin Ltd.,
+1-913-397-8200
media.relations@garmin.com
Web site: http://www.garmin.com/
