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DeLorme, based at 2 DeLorme Drive off of Route 1, produces digital maps, mapping software, and GPS systems, and is widely known for the iconic Maine Atlas and Gazatteer.
Garmin on Thursday announced it would complete the deal within 30-60 days.
Garmin President and CEO Cliff Pemble said in a press release that Garmin is most interested in DeLorme’s two-way satellite communication devices.
“DeLorme is a respected brand with exciting products and technologies that are a natural fit in the Garmin portfolio,” Pemble said. “We look forward to completing the acquisition and welcoming them onto our team. We are looking forward to leveraging their expertise to further enhance the Garmin lineup of products.”
Kim Stiver, vice president of marketing for DeLorme, told the Bangor Daily News the company will close its Yarmouth map store in March, and lay off a small number of its 92 full-time employees. Garmin’s press release said operations will continue at DeLorme’s headquarters, but the primary focus will be on research and development.
DeLorme CEO Michael Heffron said in a press release that his company is excited about becoming part of Garmin.
“We are looking forward to completing the acquisition and are excited to help leverage our expertise into enhancing their already outstanding products,” he said. “Garmin has extensive (research and development) capabilities and a global distribution network that will allow us to provide this technology to customers across many markets and around the world.”
Garmin declined to disclose the cost of the acquisition.
Delorme Maine Atlas and Gazetteer