OLATHE, Kan. (AP) – Garmin Ltd., a maker of GPS navigation devices, said Wednesday it has acquired its French distributor, EME Tec Sat SAS.
Financial details of the deal were not released.
EME, based in the Paris suburb of Nanterre, will be renamed Garmin France SAS, retaining its management, sales, marketing and support staff of 50 people, the company said.
“We believe that there is significant potential for further growth in this important European market,” said Min Kao, Garmin’s chairman and chief executive, in a written statement.
Garmin shares were up 78 cents to $56.44, a gain of 1.4 percent, in midday trading on the Nasdaq Stock Market, where they have traded in a 52-week range of $29.75 to $56.89.
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