Garmin® Signs Purchase Agreement to Acquire DeLorme®
Innovators in Satellite Communication and Mapping
SCHAFFHAUSEN, Switzerland & YARMOUTH, Maine–(BUSINESS WIRE)–Garmin Ltd. (NASDAQ: GRMN) today announced that it has entered into an
agreement to acquire substantially all of the assets of DeLorme, a
privately-held company that designs and markets consumer-based satellite
tracking devices with two-way communication and navigational
capabilities. The completion of the acquisition, which is subject to
customary conditions, is expected to occur within 30 to 60 days.
One of the most compelling products in the DeLorme portfolio is its
inReach series of two-way satellite communication devices. These
GPS-enabled devices allow the user to send and receive satellite text
messages or trigger an SOS for emergency help, anywhere in the world. In
addition to inReach, DeLorme has an extensive library of digital
cartography and enterprise GIS software, as well as traditional mapping.
“DeLorme is a respected brand with exciting products and technologies
that are a natural fit in the Garmin portfolio,” said Cliff Pemble,
Garmin’s president and CEO. “We look forward to completing the
acquisition and welcoming them onto our team. We are looking forward to
leveraging their expertise to further enhance the Garmin lineup of
products.”
“Our inReach technology is invaluable to hikers, hunters, boaters, and
pilots who often find themselves in remote areas – Garmin’s core
customers. We are looking forward to completing the acquisition and are
excited to help leverage our expertise into enhancing their already
outstanding products,” said Michael Heffron, CEO of DeLorme. “Garmin has
extensive R&D capabilities and a global distribution network that will
allow us to provide this technology to customers across many markets and
around the world.”
Garmin will retain most of the associates of DeLorme and will continue
operations at its existing location in Yarmouth, Maine following the
completion of the acquisition. The Yarmouth facility will operate
primarily as a research and development facility and will continue to
develop two-way satellite communication devices and technologies.
Financial terms of the purchase agreement and acquisition will not be
released.
For decades, Garmin has pioneered new GPS navigation and wireless
devices and applications that are designed for people who live an active
lifestyle. Garmin serves five primary business units, including
automotive, aviation, fitness, marine, and outdoor recreation. For more
information, visit Garmin’s virtual pressroom at garmin.com/newsroom,
contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin,
twitter.com/garmin,
or youtube.com/garmin.
About Garmin Ltd.
Garmin Ltd. is incorporated in Schaffhausen, Switzerland, and its
principal subsidiaries are located in the United States, Taiwan and the
United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its
subsidiaries.
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
Annual Report on Form 10-K for the year ended December 27, 2014, filed
by Garmin with the Securities and Exchange Commission (Commission file
number 0-31983). A copy of such Form 10-K is available at http://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.
Contacts
Garmin International Inc.
Ted Gartner, 913-397-8200
media.relations@garmin.com
