Garmin Ltd. completed the acquisition of Formar Electronics N.V./S.A., the distributor of Garmin's automotive, outdoor recreation, fitness and marine products in Belgium and Luxembourg. The company will be renamed Garmin Belux N.V./S.A. and will retain its management, sales, marketing and supporting staff, consisting of 25 people and will continue operations at its current headquarters and warehouse facility located in Brussels.
Benoit de Bergeyck, managing director of 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 organization.”
Financial terms of the transaction were not released.