NASDAQ: GRMN), the global leader in satellite navigation, today announced that one of its subsidiaries has acquired Nexus Marine AB, a privately-held designer and manufacturer of instrumentation for the sailing and yachting market. The acquisition is being announced in conjunction with the Southampton Boat Show, September 14-23, 2012.
“Nexus Marine is very highly respected in the sailing market, and we’re happy to have them aboard,” said Cliff Pemble, Garmin’s president and COO. “Nexus’ passion and expertise for this market, combined with Garmin’s capabilities and presence, are sure to make this combination a success.”
“Garmin has a lot of credibility in the broader marine market, and Nexus is a premier brand among sailors,” said Richard Macalister, CEO of Nexus Marine AB. “Combining the two makes perfect sense – for our companies and our customers.”
Nexus Marine AB will operate as Garmin Stockholm AB, a wholly owned subsidiary of Garmin Ltd. Financial terms of the acquisition will not be released.
About Garmin Ltd. – GRMN
The global leader in satellite navigation, Garmin Ltd. (GRMN) and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. GRMN’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom.
Garmin Ltd. (GRMN) is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products for the automotive/mobile, outdoor, fitness, marine, and general aviation markets.
GRMN has four segments: Automotive/Mobile, Aviation, Marine, Outdoor and Fitness. In June 2011, Garmin acquired Tri-Tronics Inc. In July 2011, the Company acquired Garmin Wurzburg GmbH. In September 2011, the Company acquired Garmin Southern Africa (Pty) Ltd. In December 2011, Garmin acquired Garmin Chile Lda.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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