Full Description

Garmin Ltd. (Garmin), incorporated on July 24, 2000, is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products for the automotive/mobile, outdoor/fitness, marine and general aviation markets. The Company operates in four segments: Marine, Automotive/Mobile, Outdoor/Fitness, and Aviation. In December 2008, Garmin completed the acquisition of Sportmanship International AB, the distributor of Garmin’s consumer products in Sweden. In August 2008, Garmin announced that it has completed the acquisition of SatSignal- Equipamentos de Comunicacoes e de Navegacao, S.A., the distributor of Garmin’s consumer products in Portugal. The Company will be renamed Garmin Portugal- Equipamentos de Comunicacao e Navegacao, S. A. and will continue its operations.

In July 2008, the Company completed the acquisition of Puls Elektronik GmbH, the distributor of Garmin’s consumer products in Austria. Puls Elektronik GmbH will be renamed Garmin Austria GmbH. In June 2008, Garmin completed the acquisition of NavCor Oy (NavCor), the distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in Finland. NavCor will be renamed Garmin Suomi Oy. In May 2008, Garmin completed the acquisition of Formar Electronics N.V./S.A. (Formar), a distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in Belgium and Luxembourg. Formar will be renamed Garmin Belux N.V./S.A.

Automotive/Mobile

Garmin offers a range of automotive navigation products, as well as a variety of products and applications designed for the mobile GPS market. The products include nuvi, zumo, Garmin Mobile and Garmin Mobile XT. The nuvi is Garmin’s personal navigation device (PND). All nuvi models combine a GPS navigator (with built-in maps) with a currency and measurement converter, world clock and digital photo organizer. zumo is a motorcycle-specific navigator with features, including a touch screen with sunlight-readable display, motorcycle mount, vibration-tested design and bluetooth wireless technology. A secure digital (SD) card slot allows riders to share their favorite places and rides with fellow zumo riders. The zumo 660 features three dimensional building view and lane assist and a digital fuel gauge. Garmin Mobile is a subscription-based software application that lets cell phones function as GPS navigators. Garmin Mobile XT is a data card that turns many smartphones into navigators. Users can plug the microSD card into a phone and begin navigating. No network coverage or subscription is required.

Outdoor/Fitness

Garmin’s Outdoor/Fitness products include Forerunner, Edge, Colorado, Oregon, eTrex , GPS60, GPS 76, Rino, Approach G5 and Astro. Forerunner is a training assistant for athletes with integrated GPS sensor that provides time, speed, distance, pace and other data. Some models also offer a heart rate monitoring function. The Forerunner 50 is an advanced fitness watch that allows runners and walkers to track their workouts and automatically upload their data to a personal computer. The Forerunner 405 is a wrist-worn GPS-enabled device that allows runners and joggers to track their speed, distance, heart rate and location, access their training history and upload their data wirelessly to a personal computer.

Edge is an integrated personal training systems designed for cyclists. The Edge 205 measures speed, distance, time, calories burned, climb and descent and altitude. The Edge 305 adds a heart rate monitor and/or wireless speed/pedaling cadence sensor. The Edge 605 and 705 provide mapping capabilities (including street navigation) and a 2.2 color display in addition to tracking vertical profiles, climb and descent, altitude, speed, distance and time. The Colorado series features Garmin’s Rock n Roller wheel, which allows the user to operate many of the units features with the user’s thumb. The Colorado 300 features a worldwide basemap. The Colorado 400c provides marine chart coverage for the coastal United States and Bahamas. The Colorado 400i offers shoreline details, depth contours and boat ramps for United States inland lakes and rivers. All Colorado models have barometric altimeter and electronic compass.

The Company’s Rino product is a handheld two-way family radio service (FRS) and general mobile radio service (GMRS) radios that integrate two-way voice communications with GPS navigation. The Rino 120 has an internal basemap and MapSource compatibility for street-level mapping. The Rino 130 has 24 megabyte of internal memory, built-in electronic compass, barometric sensor, and national oceanic and atmospheric administration (NOAA) weather radio receiver. The Rino 520HCx has a GPS receiver, five watts of transmit power, color display and a turn-by turn automatic route calculation for use in automobiles. Approach G5 uses a GPS receiver to measure individual shot distances and show the exact yardage to fairways, hazards and greens.

Marine

Garmin’s marine lineup includes network products and multifunction displays, fixed-mount GPS/chartplotter products, instruments, radar, autopilots and sounder products. The products include GPSMAP 5000 series, GPSMAP 4000 series/ 4200 series, GPSMAP 3000 series/3200 series, GPSMAP 4x0 and 5x0, GDL 30 and 30A, GSD 21 and 22, GMS 10, GMI 10, GHP 10 Marine Autopilot System, Fishfinders and Radar. GPSMAP 5000 series provides touch-screen multifunction displays for the Garmin Marine Network (a system that combines GPS, radar, XM WX Satellite Weather, sonar and other data) offers use and video-quality resolution and color. The 5212 and 5208 is pre-loaded with United States coastal charts, including explorer charts. The 5215 and 5015 offer 15-inch diagonal sunlight-readable touchcreen displays.

GPSMAP 3000 series/3200 series offer configurable chartplotter/multifunction displays (MFDs) and are network-enabled and come in a 10, six or five display. The GPSMAP 3200 series of multifunction displays for the Garmin Marine Network feature is pre-loaded with marine detail charts of the United States coastline, including Alaska and Hawaii. The GPSMAP 4x0 and 5x0 chartplotters and chartplotter/sonar units feature pre-loaded marine cartography and offer a variety of display sizes and networking options. All units are compatible with Garmin’s BlueChart g2 data cards. GDL 30 and 30A are weather data receivers, which deliver real-time XM WX Satellite Weather data for the continental United States to Garmin Marine Network compatible display units. GSD 21 and 22 are black-box sounders interface that with Garmin display units and chart plotters.

The GMI 10 is a NMEA 2000 and NMEA 0183 compliant instrument that displays data from multiple remote sensors on one screen. Mariners can use the GMI 10 to display instrument data, such as depth, speed through the water, water temperature, fuel flow rate, engine data, fuel level, wind direction and more, depending upon what sensors are connected. Garmin offers five different fishfinder options. All models feature Garmin’s Ultrascroll technology, which allows boaters to get a refresh rate on their sonar display, and dual-beam transducer operation. Four of the models offer color displays. The Fishfinder 400C has dual beam or dual frequency transducers for adaptability to either freshwater or saltwater fishing. It also offers a interface and built in CANet connectivity to enable sonar data to be shared with compatible Garmin chartplotters.

Aviation

Garmin’s panel-mounted product line includes GPS-enabled navigation, very high frequency (VHF) communications transmitters/receivers, multi-function displays, receivers, instrument landing system (ILS) receivers, digital transponders (which transmit an aircraft’s altitude and its flight identification number in response to requests transmitted by ground-based air traffic control radar systems or collision avoidance devices on other aircraft), marker beacon receivers and audio panels. The products include GPSMAP 96 and 96C, GPSMAP 296, GPSMAP 396, GPSMAP 495/496, G1000, G600, G900X, 400 Series, 500 Series, GI-102A and106A, GMA 340 and 347, GTX 330 and 330D, GTX 320A, 327 and 328, GDL 90, GDL 69 and 69A, GMX 200, SL 30 and SL 40 and GWX68.

The Company competes with TomTom NV, MiTAC Digital Corporation, Navigon AG, Magellan and Lowrance Electronics, Inc., Raymarine Ltd., Furuno Electronic Company, Lowrance and Simrad Yachting AS, Lowrance Electronics, Inc., Honeywell, Inc., Avidyne Corporation, L-3 Avionics Systems, Rockwell Collins, Inc., Universal Avionics Systems Corporation, Chelton Flight Systems, Aspen Avionics, Free Flight Systems, Motorola, Inc., Cobra Electronics Corporation, Midland Radio Corporation, Apple, Inc., HTC Corporation, Nokia Oyj, Samsung Corporation and Sony Ericsson Mobile Communications AB.