July 20, 2019

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Garmin completes Formar deal

by Stuart Wilson, Monday 2 June 2008

Satellite navigation device vendor Garmin has completed the purchase of Formar Electronics – the distributor of its products in Belgium and Luxembourg. The company will be renamed Garmin Belux and will retain its management, sales, marketing and support staff, consisting of 25 people. The unit will continue operating from its office and warehouse facility in Brussels.

Dr. Min Kao, chairman and CEO of Garmin Ltd., said “Our strategy of acquiring key distributors in Europe has enabled us to increase our market share in Europe and we are now delighted to welcome the Formar team into the Garmin family.

“Formar has been successful in creating a strong presence for the Garmin brand in Belgium and Luxembourg. We anticipate the completion of this acquisition will enable us to expand on that success by improving our ability to support the key retail channels and OEMs in these countries,” Kao added.

Benoit de Bergeyck, managing director at Formar, said "We are very pleased that Garmin now has an office in the capital of Europe and we intend to work hard as Garmin Belux to build on our past success with the increased efficiencies that can be achieved as an integrated part of the Garmin European marketing and sales organisation.”

Financial terms of the transaction were not released. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications.

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