Garmin acquires Lumishore, a leader in marine LED lighting

Rhea-AI Summary

Garmin (NYSE: GRMN) has acquired Lumishore, a privately-held company specializing in high-performance LED lighting systems for boats. Lumishore, with over 15 years of experience, offers premium LED lighting solutions for various vessels, from runabouts to superyachts. The acquisition brings a new product category that complements Garmin's existing marine portfolio and enhances vessel integration capabilities.

Lumishore, headquartered in Swansea, UK, with a distribution center in Sarasota, Florida, is known for its comprehensive range of single, dual, and full-color change underwater and above-water lighting systems. The company's associates will join Garmin's global workforce. While financial terms were not disclosed, this acquisition is expected to expand Garmin's innovative solutions across vessels and elevate the lighting experience for customers worldwide.

Positive

• Expansion of Garmin's marine product portfolio with premium LED lighting systems
• Enhanced vessel integration capabilities for Garmin
• Acquisition of Lumishore's 15+ years of experience and expertise in marine lighting
• Potential for increased market share in the marine industry

Negative

• None.

News Market Reaction

-2.08%

1 alert

-2.08% News Effect

On the day this news was published, GRMN declined 2.08%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Acquisition brings premium LED lighting solutions into Garmin's product portfolio

OLATHE, Kan., Oct. 22, 2024 /PRNewswire/ -- Garmin Ltd. (NYSE: GRMN) today announced it has acquired Lumishore, a privately-held company that designs and manufactures high-performance above and underwater LED lighting systems for boats.

"Lumishore brings an exciting new product category that complements Garmin's existing marine portfolio and furthers our ability to provide seamless vessel integration. As a technology leader in LED lighting, Lumishore will expand Garmin's innovative solutions all around the vessel. Together, we look forward to delivering unmatched LED lighting technology to our customers around the world."
–Jarrod Seymour, Garmin Vice President, Marine Segment Leader

With over 15 years of experience, Lumishore offers premium LED lighting systems used on a variety of vessels from runabouts to superyachts. A trusted name in boat-wide LED systems, Lumishore offers a comprehensive range of single, dual and full-color change underwater and above-water lighting systems.  

"Since our founding, Lumishore has been passionate about creating innovative products that enhance the boating experience. Garmin shares our passion for serving the marine industry, making them an ideal company to carry Lumishore into the future. We look forward to a bright future working together as we continue to elevate the lighting experience for our customers."
–Eifrion Evans, Lumishore Founder and CEO

Lumishore is headquartered in Swansea, United Kingdom with a distribution center in Sarasota, Fla. A vertically integrated company with in-house R&D and production, its associates will become part of the global Garmin workforce. Financial terms of the acquisition will not be disclosed.

Engineered on the inside for life on the outside, Garmin products have revolutionized the aviation, automotive, fitness, marine and outdoor markets. Dedicated to helping people make the most of the time they spend pursuing their passions, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. Visit the Garmin Newsroom, email our media team, connect with @garmin on social, or follow our blog.

About Garmin Ltd. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:
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 30, 2023, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at www.garmin.com/en-US/company/investors/earnings/. 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.

MEDIA CONTACT:
Carly Hysell
913-397-8200
media.relations@garmin.com 

 

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SOURCE Garmin Ltd.

FAQ

What company did Garmin (GRMN) acquire in October 2024?

Garmin (GRMN) acquired Lumishore, a privately-held company that designs and manufactures high-performance above and underwater LED lighting systems for boats.

What products does Lumishore offer that will now be part of Garmin's (GRMN) portfolio?

Lumishore offers premium LED lighting systems for boats, including a comprehensive range of single, dual, and full-color change underwater and above-water lighting systems for various vessels from runabouts to superyachts.

How will the Lumishore acquisition benefit Garmin's (GRMN) marine segment?

The acquisition brings a new product category that complements Garmin's existing marine portfolio, enhances vessel integration capabilities, and expands Garmin's innovative solutions across vessels, potentially increasing its market share in the marine industry.

Where is Lumishore headquartered and how will it integrate with Garmin (GRMN)?

Lumishore is headquartered in Swansea, United Kingdom, with a distribution center in Sarasota, Florida. Lumishore's associates will become part of Garmin's global workforce, integrating their expertise into Garmin's operations.