Dr. Min Kao, CEO of Garmin, said, "These proposed acquisitions are a continuation of our successful strategy of enhancing our ability to support key retailers and OEMs in European markets. We have to date acquired our distributors in five European countries. These acquisitions have enabled us to increase our European market share and further solidify our position as the global leader in satellite navigation. The proposed acquisitions of Puls Elektronik and Satsignal, together with the previously announced, pending acquisitions of our distributors in Belgium and Finland, will further strengthen Garmin's distribution in European markets."
Financial terms of the proposed transactions were not released. Following the acquisition, Puls Elektronik is expected to change its name to Garmin Austria GmbH. and Satsignal is expected to change its name to Garmin Portugal S.A. Puls Elektronik and Satsignal will each retain their management, sales, marketing and supporting staff, consisting of 30 people and 15 people respectively, and will continue operations at their current headquarters located respectively in Graz, Austria and Lisbon, Portugal.