Garmin Ltd. announced today that it has completed the acquisition of Electronica
Trepat S.A. ("Electronica Trepat"), the principal distributor of Garmin's
consumer products in Spain. The company will be renamed Garmin Iberia S.A.
and will retain its management, sales, marketing and supporting staff,
consisting of approximately 60 people and will continue operations at its
current headquarters and warehouse facility located close to Barcelona.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said "The completion of
our acquisition of Electronica Trepat is a further step in our ongoing
strategy to strengthen Garmin's presence in key European markets through
vertical integration."
Fernando Trepat, president of Electronica Trepat said "We look forward
to achieving further growth of Garmin's sales in Spain and to realizing the
benefits of full integration into the Garmin team."
Earlier in 2007 Garmin completed the acquisition of its distributors in
France and Germany and on November 27, Garmin completed the acquisition of
its distributor in Italy. On August 23, Garmin announced the signing of a
letter of intent to acquire its Danish distributor. This acquisition is
expected to be completed in January 2008.
Garmin Ltd.
Through its operating subsidiaries, Garmin Ltd. designs, manufactures,
markets and sells navigation, communication and information devices and
applications -- most of which are enabled by GPS technology. Garmin is a
leader in the consumer and general aviation GPS markets and its products
serve aviation, marine, outdoor recreation, automotive, wireless and OEM
applications. Garmin Ltd. is incorporated in the Cayman Islands, and its
principal subsidiaries are located in the United States, Taiwan and the
United Kingdom.
Souce: Garmin
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