Garmin announced Wednesday that it entered an agreement to buy just about all the assets of Fusion Electronics , which supplies marine and car audio equipment.
The buyout is expected to be completed June 30.
Fusion’s 700 series introduced two years ago, was the first Wi-Fi based marine audio product to network with other marine components. The radios were also the first to be controlled by smartphones and tablets.
A Garmin spokesman said, “Fusion will continue to support the market with industry leading and technology rich marine and automotive entertainment products.”
“Fusion has pioneered a number of innovations in marine audio. Their ability to integrate their products with networked marine multifunction displays has been recognized across the industry,” said Cliff Pemble, Garmin’s president and CEO. “Like Garmin, Fusion is known for reliability, connectivity, and integrated functionality, and we look forward to completing the acquisition and having them as part of our team.”
Garmin New Zealand Limited, a wholly owned subsidiary of Garmin Ltd., will operate as “Fusion Entertainment” in Fusion’s present facilities in Auckland, New Zealand following the completion of the acquisition. Substantially, all the Fusion product line will remain available, as will support for the company’s existing products. Fusion Entertainment will continue to support all Fusion-Link partners.
Financial terms of the acquisition will not be released.