Mergers and acquisitions can sometimes take some unexpected turns, but that isn’t the case with Garmin’s purchase of former rival Navigon. The corporate said last month that the purchase will be complete by “late July” and now, on July 26th, it’s announced that the deal is after all 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 are promising loads of integration and new opportunities going forward. Obviously, they’re betting they’ll be better as partners than rivals within the face of mounting challenges . Press release is after the break.
SCHAFFHAUSEN, Switzerland & HAMBURG, Germany–(BUSINESS WIRE)–Garmin Ltd. (NASDAQ: GRMN), the worldwide leader in satellite navigation, announced today that it has completed the purchase of Navigon AG (“Navigon”), a privately-held navigation provider headquartered in Hamburg, Germany.
“We’re pleased to have the Navigon team join the Garmin family,” said Cliff Pemble, chairman and COO of Garmin Ltd. “We’re anticipating expanding our ability to serve our collective customers going forward.”
“We’re excited to join Garmin and we glance 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 vacation 2011 season and beyond.”
Financial terms of the transaction weren’t released.
Since its inception in 1989, Garmin has delivered 85 million GPS enabled devices – excess of every other navigation provider. Garmin’s market breadth inside the GPS industry is second to none, having developed innovative products and established a leadership position in all of the markets it serves, including automotive, aviation, marine, fitness, outdoor recreation, tracking, and wireless applications.
About Garmin Ltd.
The worldwide leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and data devices and applications since 1989 – most of which can be 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 can be found inside the Us of a, Taiwan and the uk. For additional info, 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 concerning the company’s future product introductions are forward-looking statements. Such statements are in response to management’s current expectations. The forward-looking events and circumstances discussed on this release would possibly not occur and actual results could differ materially attributable to known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the danger factors listed within 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 duplicate of such Form 10-K is out there at www.Garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement could be guaranteed. Forward-looking statements speak only as of the date on which they’re made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether due to new information, future events, or otherwise.
About NAVIGON AG:
NAVIGON AG is a global-leading navigation company from Germany. With own portable navigation devices and because of successful partnerships inside the consumer electronics, cellphone service and automotive sectors NAVIGON stands for prime-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 info, visit Navigon’s press portal at http://www.navigon-partner-portal.com/presse (Username: presse; password: navigonmedia) or contact the general public Relations department at +49 40 37088 0.
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