Garmin to acquire Spanish distributor

Garmin to acquire Spanish distributor
Garmin announced today that it has signed a letter of intent for the proposed acquisition of Electronica Trepat S.A., its principal distributor of consumer products in Spain

"The proposed acquisition of Electronica Trepat is a further step in our ongoing strategy to strengthen Garmin's presence in key European markets through vertical integration and to enhance our ability to support our key retailers and OEMs in these markets," said Dr. Min Kao, chairman and CEO of Garmin.

Financial terms of the proposed transaction were not released. Following the acquisition, Electronica Trepat is expected to change its name to Garmin Espana S.A. "The company will retain its management, sales, marketing and supporting staff, consisting of approximately 60 people, and will continue operations at its current headquarters and warehouse facility located close to Barcelona", said Garmin.

Earlier this month Garmin completed the acquisition of its German distributor and in January 2007 Garmin acquired its French distributor.

Tuesday, July 17th 2007

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