SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN) today announced that it has completed the acquisition of Tacx Onroerend en Roerend Goed B.V (“Tacx”), a privately-held Dutch company that designs and manufactures indoor bike trainers, tools and accessories, as well as indoor training software and applications.
“We are pleased to have the Tacx team join the Garmin family, and we are excited to add indoor training solutions to the Garmin fitness portfolio,” said Cliff Pemble, Garmin president and CEO. “We are looking forward to leveraging the outstanding expertise and skills of the Tacx team to provide a seamless indoor and outdoor experience for athletes year round.”
Tacx will continue operations at its current headquarters in Wassenaar, Netherlands, along with its distribution center located in Vogt, Germany. The company employs nearly 200 associates who will become part of the global Garmin team. To further leverage the growing market for indoor bike trainers, Tacx will continue its capital investment project currently underway to expand its R&D and production capacity. Financial terms of the transaction were not released.
For decades, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary markets, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, instagram.com/garmin, twitter.com/garmin, or youtube.com/garmin.
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This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 29, 2018, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at https://www.garmin.com/en-US/company/investors. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.