Garmin To Acquire UPS Aviation Technologies for $38M
Garmin International, a unit of Garmin [Nasdaq: GRMN], has agreed to acquire UPS Aviation Technologies, a subsidiary of United Parcel Service [NYSE: UPS], for $38 million in cash.
UPS Aviation Technologies, headquartered in Salem, Ore., designs and manufactures multiple lines of communications, navigation and surveillance products for general aviation and air transport customers. The acquisition is subject to customary closing conditions and is expected to close in the third quarter. Once consummated, UPS Aviation Technologies will change its name to Garmin AT and will continue operations as a wholly owned subsidiary of Garmin International.
UPS Aviation Technologies’ CNX80 GPS navigation receiver recently became the first integrated panel-mounted product certified by the Federal Aviation Administration for primary navigation using the FAA’s Wide Area Augmentation System for aviation navigation.