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Garmin closes purchase of Japan distributor Iiyonet

Sep. 30, 2016 9:51 AM ETGarmin Ltd. (GRMN) StockBy: Jason Aycock, SA News Editor
  • Garmin (NYSE:GRMN +0.2%) has wrapped an acquisition of key distributor Iiyonet.
  • Terms weren't disclosed. Iiyonet, which distributes the company's consumer products in Japan, has been folded in as a subsidiary of Garmin Japan Ltd., largely unchanged; Iiyonet will retain "substantially all" of management, sales, marketing and support staff.
  • “The acquisition of Iiyonet will further bolster our sales and distribution efforts in a key Asian market,” says CEO Cliff Pemble. “This acquisition will enhance our ability to support our key retailers and OEMs in Japan.”

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