Garmin is an American multinational company and manufacturer of navigation equipment. It is the world’s most famous manufacturer of professional GPS receivers. The company was founded in Lenetsa, Kansas in 1989 by Min Kao and Gary Burrell. As of May 2014, the company has sold more than 126 million GPS devices.
Garmin was founded in Lenexa, Kansas as a ProNav company in 1989. The company’s first product is a GPS unit device, which costs US$2,500. Later, the company name was synthesized from the names of the two founders. In 1991, the US Army became the company’s first customer.
By 1995, Garmin had sales of 105 million and a profit of 23 million US dollars. By 1999, sales were 233 million U.S. dollars and profit was 64 million U.S. dollars. In 2006, total revenue was US$1.77 billion, an increase of 73% compared to 2005. On May 13, 1999, Aircell and Garmin International announced the joint development of new aircraft communications, navigation and safety products.
Garmin’s stock code on the Nasdaq Stock Exchange is GRMN, which is an S&P500 component. In fiscal year 2011, the company’s revenue was US$2.76 billion, operating income was US$898 million, net profit was US$733 million, total assets were US$2.92 billion, and total equity was US$2.23 billion. The subsidiaries were Garmin International and Garmin (Asia). The company’s slogan is ‘We will take you there.’
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