Garmin® Acquires Norwegian Distributor
garminsg / 22 Oct 2010
SCHAFFHAUSEN, Switzerland/October 22, 2010/Business Wire/ - Garmin Ltd. (NASDAQ: GRMN) announced today that it has acquired Belanor AS, the distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in Norway.
The company will be renamed Garmin Norge AS and will retain its management, sales, marketing and supporting staff, and will continue operations at its current headquarters and warehouse facility located in Dilling, Norway, near Oslo.
“We are delighted to complete this acquisition and we welcome our Norwegian team into the Garmin family,” said Dr. Min Kao, chairman and CEO of Garmin Ltd. “With this acquisition, we have fully integrated all of our Nordic distributors and we look forward to closely supporting our retailers and customers in this region.”
"We are proud of our success in creating market share thus far for Garmin’s products,” said Per Anders Dalaasen, managing director of Belanor AS. “We look forward to representing Garmin even more successfully in our new role.”
Financial terms of the transaction were not released.
About Garmin
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 http://www8.garmin.com/company/newsroom/ or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. 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 Quarterly Report on Form 10-Q for the quarter ended June 26, 2010, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-Q 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.