Garmin to Acquire Distributors in Belgium and Finland



Garmin to Acquire Distributors in Belgium and Finland
Garmin announced today that it has signed letters of intent for the proposed acquisition of Formar Electronics N.V./ S.A., the distributor of Garmin's consumer products in Belgium and Luxembourg, and NavCor Oy, the distributor of Garmin's consumer products in Finland.

Financial terms of the proposed transactions were not released. Following the acquisition, Formar is expected to change its name to Garmin Belux N.V./S.A. and NavCor is expected to change its name to Garmin Suomi Oy. Formar and NavCor will retain their management, sales, marketing and supporting staff, consisting of 25 people and approximately seven people respectively, and will continue operations at their current headquarters located respectively in Brussels, Belgium and Lohja, Finland.

Monday, March 3rd 2008


Nav & Telematics | Sport and Outdoor | Location Based Services | Tech & Innovation | Market Data | Finance & Legal | People and Jobs | Voices of the industry | Press Releases