Garmin Ltd. (NASDAQ: GRMN), the global leader in satellite navigation, today announced that one of its subsidiaries has acquired Nexus Marine AB, a privately held designer and manufacturer of instrumentation for the sailing and yachting market. The acquisition is being announced in conjunction with the Southampton Boat Show, September 14-23, 2012.
“Nexus Marine is very highly respected in the sailing market, and we’re happy to have them aboard,” said Cliff Pemble, Garmin’s president and COO. “Nexus’ passion and expertise for this market, combined with Garmin’s capabilities and presence, are sure to make this combination a success.”
“Garmin has a lot of credibility in the broader marine market, and Nexus is a premier brand among sailors,” said Richard Macalister, CEO of Nexus Marine AB. “Combining the two makes perfect sense – for our companies and our customers.”
Nexus Marine AB will operate as Garmin Stockholm AB, a wholly owned subsidiary of Garmin Ltd. Financial terms of the acquisition will not be released.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/pressroom or contact the Media Relations department at 913-397-8200. 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 31, 2011, 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.
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