Šenčur, 05 October (STA) - Garmin, one of the leading global producers of GPS devices, has announced the takeover of Slovenia's Geoset, a small company that distributes and services Garmin devices in Slovenia.
Geoset will be renamed into Garmin trgovina, servis and will continue operating from its base in Šenčur (N), where it employs 14 people. Garmin did not want to disclose any financial data on the acquisition.
"Eastern Europe is a growing market for GPS devices and we expect this takeover will allow us to keep the leading role in this key area," Cliff Pemble, the president and COO of Garmin, said.
Geoset generated some EUR 4m in revenues last year, up 8% compared to 2010, according to the company's estimate from December 2011.