Investors gave GPS-based personal navigation devices maker
a thumbs down Monday after the company's announcement that it plans to acquire two more European consumer products distributors.
Garmin said it has signed letters of intent for the acquisition of Formar Electronics, the distributor of Garmin's products in Belgium and Luxembourg, and NavCor Oy, its distributor in Finland.
The acquisitions are expected to be completed by May. Financial terms were were not disclosed.
Shares of Garmin were down $1.83, or 3.2%, to $56.85. Concerns about shrinking margins and increased competition from rivals such as
and Magellan have led to about a 37.5% decline in the stock since the beginning of the year.
The latest buys are part of a series of acquisitions Garmin has made since last year to consolidate companies that are distributing their products.
In the last four months, the company completed its acquisition of its Italian, Spanish and Danish distributors. Last year, the company also acquired its German and French distributors.