August 22, 2003
GARMIN INTERNATIONAL, INC. ANNOUNCES COMPLETION
OF THE ACQUISITION OF UPS AVIATION TECHNOLOGIES, INC.
OLATHE, Kan. — Garmin International, Inc., a unit of Garmin
Ltd. (Nasdaq: GRMN), today announced that it has completed the
acquisition of UPS Aviation Technologies, Inc., a subsidiary
of United Parcel Service, Inc. (NYSE: UPS), for US$38 million
in cash. The acquired company will immediately change its name
to Garmin AT, Inc. and will continue operations as a wholly owned
subsidiary of Garmin International, Inc.
Garmin AT, Inc. is located in Salem, Oregon and employs approximately
150 people skilled in the design, manufacturing, marketing, and
support of communication, navigation, and surveillance products
for general aviation and air transport customers. The company
is known for its leadership in the development of Automatic Dependent
Surveillance Broadcast (ADS-B) technology and has participated
in the development of innovative equipment to enhance flight
safety as part of the Federal Aviation Administration (FAA) Safe
Flight 21 and Alaskan Capstone projects.
In addition, Garmin AT’s CNX80 GPS navigation receiver
recently became the first fully-integrated panel-mounted product
certified by the FAA for primary means navigation using the FAA’s
Wide Area Augmentation System, or WAAS. The company has a long-standing
positive reputation with the customers it has served over the
years, starting with LORAN technology of the 1980’s and
moving into panel mounted GPS, multi-function display, and other
aviation navigation and communication technologies of today.
"We are pleased to conclude the acquisition of UPS Aviation
Dr. Min Kao, Garmin International Inc.’s president, "As
a combined organization, we look forward to achieving even greater
levels of product innovation while providing a higher level of
service to all of our aviation customers."
"Garmin International and Garmin AT offer highly complementary
product lines," said John Macnab, formerly general manager
of UPS Aviation Technologies and now general manager of Garmin
AT. "Customers can now select from a best-of-breed line
of products backed by the strength of the Garmin brand with the
assurance of industry leading support into the future. Many customers
and dealers have wondered what direction Garmin AT will take
after the acquisition," added Macnab. "We want to reassure
them that we will continue to honor product warranties and we
will continue to offer the service and support that our customers
have come to expect. In addition, we look forward to offering
new products that leverage the technology, creativity, and resources
of the combined organization."
Customers looking for Garmin AT on the Internet should visit
www.garminat.com. Product offerings as well as support information
will be found at this site. In addition, information about Garmin AT
can be found at www.garmin.com. Customers seeking support for
UPS Aviation Technologies, Apollo, II Morrow or Garmin AT products
may also call 800-525-6726 within the USA or 503-391-3411 internationally.
Garmin International, Inc. is a leading
supplier of navigation, communication, surveillance and audio
systems for new and retrofit
general aviation aircraft. Garmin International Inc. is a member
of the Garmin Ltd. (Nasdaq: GRMN) group of companies, which designs
and manufactures navigation, communication and information devices — most
of which are enabled by GPS technology. Garmin is a leader in
the general aviation and consumer GPS markets and its products
serve aviation, marine, outdoor recreation, automotive, wireless
and OEM applications. Garmin Ltd. is incorporated in the Cayman
Islands, and its principal subsidiaries are located in the United
States, Taiwan and the United Kingdom. For more information,
visit Garmin's virtual pressroom at www.garmin.com/pressroom or
contact the Media Relations department at 913-397-8200. GARMIN,
APOLLO and II MORROW are registered trademarks and CNX80 is
a trademark of Garmin Ltd. or its subsidiaries.
Notice on forward-looking statements:
This release includes forward-looking statements regarding
Garmin Ltd. and its business. Any statements regarding
future product introductions, plans and objectives are forward-looking
statements. The forward-looking events and circumstances
discussed in this release may not occur and actual results could
materially as a result of risk factors affecting Garmin.
Information concerning risk factors that could affect Garmin's
is contained in the Annual Report on Form 10-K for the year
ended December 28, 2002 filed by Garmin with the Securities
Commission (Commission file number 0-31983). A copy of Garmin's
2002 Form 10-K can be downloaded from www.garmin.com/aboutGarmin/invRelations/finReports.html.