Garmin to buy distributors in Austria, Portugal

By Associated Press May 1, 2008 Comments (0)

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Personal navigation device maker Garmin Ltd. said Thursday it signed letters of intent for the proposed purchases of its consumer products distributors in Austria and Portugal.

Financial details of the acquisitions were not released.

The distributor in Austria, Puls Elektronik GmbH, is expected to be renamed Garmin Austria GmbH after the acquisition. The distributor in Portugal, Satsignal Equipamentos de Comunicacoes e de Navegacao SA, will be renamed Garmin Portugal SA.

Garmin said both companies will keep their management, sales, marketing and supporting staff _ 30 people at Puls Elektronik and 15 at Satsignal.

The companies will keep operating at their current headquarters, which is in Graz, Austria for Puls Elektronik and Lisbon, Portugal for Satsignal.

Garmin, which is based in George Town, Cayman Islands, expects the acquisitions to be finished by August.

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DocumentId: 634678, ~/articles/articlehandler.aspx, 7/9/2008 12:16:28 PM, No ticker

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