Garmin signs purchase agreement to acquire JL Audio, a highly regarded audio solutions manufacturer

Rhea-AI Summary

Garmin announces acquisition of JL Audio, a company that designs and manufactures audio solutions for various markets. The acquisition aims to provide premium audio features across Garmin's products. The completion of the acquisition is expected by the end of 2023.

Positive

• Garmin's acquisition of JL Audio will bring premium audio integration to its markets and products, potentially enhancing customer experience and attracting new customers.

Negative

• Financial terms of the acquisition have not been disclosed, making it difficult to assess the impact on Garmin's financials.

Acquisition brings premium audio integration across a broad range of Garmin markets and products   

OLATHE, Kan., Aug. 7, 2023 /PRNewswire/ -- Garmin Ltd. (NYSE: GRMN), today announced it has entered into a definitive agreement to acquire JL Audio, a privately-held U.S. company that designs and manufactures audio solutions for marine, aftermarket automotive, powersports, home and RV customers.

"JL Audio's extensive audio experience will create new opportunities to provide premium audio features across a broad range of our markets and products. The JL Audio brand is known around the world for offering a premium audio experience which is made possible by their talented and dedicated associates. We look forward to welcoming the JL Audio team into the Garmin family." –Cliff Pemble, Garmin President and CEO

With over four decades of experience, JL Audio offers premium audio products and accessories, including speakers, amplifiers, subwoofers and other audio components.

"JL Audio shares Garmin's vision to deliver unique technology solutions, supported by meaningful R&D and engineering. We are thrilled at the opportunity to integrate into Garmin's product ecosystem. JL Audio will contribute audio knowledge and engineering expertise to create great audio products for many years to come." –Lucio Proni, JL Audio Founder and CEO

JL Audio is headquartered in Miramar, Fla., and employs more than 600 associates. The completion of this acquisition is expected to occur by the end of 2023 and is subject to customary regulatory approvals and closing conditions. All existing JL Audio products will continue to be supported post-closing, and customers can expect to continue receiving the same great customer service. 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 31, 2022, 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 CONTACTS:
Carly Hysell and Krista Klaus
913-397-8200
media.relations@garmin.com 

 

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SOURCE Garmin Ltd.

FAQ

What is the purpose of Garmin's acquisition of JL Audio?

The acquisition aims to provide premium audio features across Garmin's markets and products.

When is the completion of the acquisition expected?

The completion of the acquisition is expected by the end of 2023.

Will JL Audio products continue to be supported after the acquisition?

Yes, all existing JL Audio products will continue to be supported post-closing.

How many associates does JL Audio employ?

JL Audio employs more than 600 associates.

What markets does Garmin operate in?

Garmin operates in the aviation, automotive, fitness, marine, and outdoor markets.