Garmin® completes acquisition of Iiyonet, Inc.
September 30 2016 - 7:00AM
Business Wire
Provides direct access to the growing Japanese
market
Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed
the acquisition of Iiyonet, Inc., a key distributor of Garmin’s
consumer products in Japan. The company is now a subsidiary of
Garmin Japan, Ltd.
“The acquisition of Iiyonet will further bolster our sales and
distribution efforts in a key Asian market,” said Cliff Pemble,
president and CEO of Garmin. “This acquisition will enhance our
ability to support our key retailers and OEMs in Japan.”
The company will retain substantially all of its management,
sales, marketing and supporting staff and will continue operations
at its current headquarters and warehouse facilities located in
Saitama, Japan, near Tokyo.
Terms of the acquisition were not disclosed.
For over 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
Garmin Ltd. is incorporated in 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.
All other brands, product names, company names, trademarks and
service marks are the properties of their respective owners. All
rights reserved.
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 26, 2015, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160930005026/en/
Garmin International, Inc.Ted Gartner,
913-397-8200media.relations@garmin.com
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