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Garmin buying satellite tracking device maker DeLorme

Feb. 11, 2016 12:51 PM ETGarmin Ltd. (GRMN) StockBy: Eric Jhonsa, SA News Editor
  • DeLorme makes satellite tracking and navigation devices that are capable of sending/receiving text messages and sending SOS alerts. The company also has a library of cartography, mapping, and GIS software. Garmin (NYSE:GRMN -2%) is buying most of DeLorme's assets for an undisclosed sum.
  • Garmin: "DeLorme is a respected brand with exciting products and technologies that are a natural fit in the Garmin portfolio ... Garmin will retain most of the associates of DeLorme and will continue operations at its existing location in Yarmouth, Maine following the completion of the acquisition. The Yarmouth facility will operate primarily as a research and development facility and will continue to develop two-way satellite communication devices and technologies."
  • The announcement comes ahead of Garmin's Q4 report, due on the morning of Feb. 17.

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