Schaffhausen, Switzerland and Yarmouth, Maine/February 11, 2016/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, Garminís 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 Ė Garminís 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 more than 25 years, 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 managementís 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.