Garmin® completes acquisition of Tacx
April 02 2019 - 7:00AM
Business Wire
Garmin Ltd. (NASDAQ: GRMN) today announced that it has completed
the acquisition of Tacx Onroerend en Roerend Goed B.V (“Tacx”), a
privately-held Dutch company that designs and manufactures indoor
bike trainers, tools and accessories, as well as indoor training
software and applications.
“We are pleased to have the Tacx team join the Garmin family,
and we are excited to add indoor training solutions to the Garmin
fitness portfolio,” said Cliff Pemble, Garmin president and CEO.
“We are looking forward to leveraging the outstanding expertise and
skills of the Tacx team to provide a seamless indoor and outdoor
experience for athletes year round.”
Tacx will continue operations at its current headquarters in
Wassenaar, Netherlands, along with its distribution center located
in Vogt, Germany. The company employs nearly 200 associates who
will become part of the global Garmin team. To further leverage the
growing market for indoor bike trainers, Tacx will continue its
capital investment project currently underway to expand its R&D
and production capacity. Financial terms of the transaction were
not 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 markets,
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,
instagram.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.
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 29, 2018, filed by Garmin with the
Securities and Exchange Commission (Commission file number
0-31983). A copy of such Form 10-K is available at
https://www.garmin.com/en-US/company/investors. 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: https://www.businesswire.com/news/home/20190402005543/en/
MEDIA CONTACT:Carly HysellGarmin International, Inc.Phone
| 913/397-8200E-Mail | media.relations@garmin.com
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