Garmin, the specialty brand for sports electronics and GPS solutions, continues to grow. In its second quarter of 2008, it reached sales at $912 million, an increase of 23 percent compared with the period in 2007. Sales in Europe were up by 19 percent and reached $307 million. Garmin’s second-largest segment behind automotive was again outdoor, sports and fitness with global sales up by 54 percent to $119 million. The Cayman Islands-incorporated company was very active this year, acquiring quite a few of its European distributors. Last year, Garmin acquired its German distributor, GPS GmbH. This year followed Fairpoint Navigation in Denmark, Formar Electronics in Belgium and Luxembourg, NavCor in Finland and most recently Puls Elektronik in Austria. Additionally, a letter of intent has been inked to acquire Satsignal Equipamentos de Comunicações e de Navegação, Garmin’s distributor at the Portuguese market.
