Garmin has delivered 85 million GPS enabled devices far more than any other navigation provider Since its inception in 1989. Garmin Ltd, the global leader in satellite navigation, announced it has completed the acquisition of Navigon AG , a privately-held navigation provider headquartered in Hamburg, Germany.
Cliff Pemble, chairman and COO of Garmin Ltd said last month that the acquisition would be complete by “late July” and now, on July 26th, it’s announced that the deal is in fact done. There’s still no financial details being disclosed, but execs from both companies are expectedly tossing around words like “excited” and “pleased,” and they’re promising plenty of integration and new opportunities going forward. Checkout more details bellow in the press release.
Press Release
Garmin® Completes Acquisition of Navigon®
SCHAFFHAUSEN, Switzerland & HAMBURG, Germany–(BUSINESS WIRE)–Garmin Ltd. (NASDAQ: GRMN), the global leader in satellite navigation, announced today that it has completed the acquisition of Navigon AG (“Navigon”), a privately-held navigation provider headquartered in Hamburg, Germany.
“We are pleased to have the Navigon team join the Garmin family,” said Cliff Pemble, chairman and COO of Garmin Ltd. “We are looking forward to expanding our ability to serve our collective customers going forward.”
“We are excited to be a part of Garmin and we look forward to turning our efforts toward integration and the opportunities ahead,” said Egon Minar, Navigon’s board member. “Navigon has an innovative new product lineup that we’re excited to bring to market in time for the holiday 2011 season and beyond.”
Financial terms of the transaction were not released.
Since its inception in 1989, Garmin has delivered 85 million GPS enabled devices – far more than any other navigation provider. Garmin’s market breadth in the GPS industry is second to none, having developed innovative products and established a leadership position in each of the markets it serves, including automotive, aviation, marine, fitness, outdoor recreation, tracking, and wireless applications.
About Garmin Ltd.
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 Switzerland, 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/newsroom or contact the Media Relations department at 913-397-8200. Garmin and Navigon are registered trademarks of Garmin Ltd. or its Subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. All statements regarding the company’s future product introductions are forward-looking statements. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 25, 2010, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at www.Garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
About NAVIGON AG:
NAVIGON AG is a world-leading navigation company from Germany. With own portable navigation devices and thanks to successful partnerships in the consumer electronics, mobile phone service and automotive sectors NAVIGON stands for high-quality GPS navigation for PNDs, smartphones and other platforms. NAVIGON develops software for all relevant operating systems. NAVIGON was established in 1991, with subsidiaries in Europe, Asia and North America. For more information, visit Navigon’s press portal at http://www.navigon-partner-portal.com/presse (Username: presse; password: navigonmedia) or contact the Public Relations department at +49 40 37088 0.
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