Garmin Secures 5-Year Deal as Sole Electronics and Audio Supplier for IBBI Boat Builders
Portfolio Pulse from Benzinga Newsdesk
Garmin (NYSE:GRMN) has secured a 5-year exclusive deal as the sole electronics and audio supplier for Independent Boat Builders, Inc. (IBBI), starting from model year 2025 through 2029. This agreement strengthens Garmin's long-standing relationship with IBBI, which builds over 25% of all boats sold in the U.S.
July 02, 2024 | 11:07 am
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Garmin has secured a 5-year exclusive deal with IBBI, the largest boat builders' cooperative in the U.S., to supply marine electronics and audio solutions. This deal is expected to boost Garmin's revenues and strengthen its market position.
The exclusive deal with IBBI, which builds over 25% of all boats sold in the U.S., is likely to significantly boost Garmin's revenues and market position in the marine electronics and audio sector. The long-term nature of the deal (2025-2029) provides a stable revenue stream and strengthens Garmin's relationship with a major industry player.
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