Schaffhausen,
Switzerland and Yarmouth, ME — February 11, 2016 — 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 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.
