Garmin Ltd. (NYSE: GRMN), today announced it has completed the acquisition of JL Audio, a privately-held U.S. company that designs and manufactures audio solutions, including speakers, amplifiers, subwoofers and other audio components for marine, aftermarket automotive, powersports, home and RV customers.
Said CEO Cliff Pemble, "We are thrilled to welcome JL Audio to the Garmin team. JL Audio has a strong reputation for providing premium audio quality, and we are excited to integrate these highly regarded features into the Garmin ecosystem. Together, we look forward to providing a best-in-class audio experience for new and existing customers around the world."
JL Audio will continue operations at its current headquarters in Miramar, Fla., and in its facilities in Portland, Ore., and Phoenix, Ariz. The company employs more than 600 associates who will become part of the global Garmin team. The JL Audio brand name will be retained, and its products will be integrated into Garmin's marine segment. Financial terms of the transaction will not be disclosed.
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.
GRMN shares gained 23 cents to $106.66.
