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Volvo Penta Signs Agreement with Garmin

AB Volvo Penta and Garmin Ltd. have entered into a joint development and marketing strategic alliance to provide instrumentation, navigation and communication equipment for marine use.
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As a result, Volvo Penta will strengthen its position as a world-leading supplier of integrated propulsion systems in the marine industry.

Boat builders and end users in the marine industry are looking for increasingly complete and integrated system solutions for the entire chain from propeller to antenna. AB Volvo Penta and the Swiss company, Garmin Ltd. will create unique opportunities to comply with these customer requirements.

As a result of this strategic alliance, Volvo Penta and Garmin will jointly develop marine instrumentation, navigation and communication equipment, which will be marketed in a complete customer offer for fully integrated drive systems and instruments.

This strategic alliance will make Volvo Penta the world-leading "One-Stop Shop" in the marine industry for engines, drivelines and system solutions for instruments and navigation, thereby creating important advantages for boat builders, dealers and end users.

"The Volvo Penta and Garmin strategic alliance  will provide our mutual  customers access to state-of-the-art communication technology and a complete program of multifunctional instruments which will significantly strengthen our world-leading position when it comes to complete, integrated drive systems for boats," says Göran Gummeson, President of Volvo Penta.

“Garmin is honored to work with Volvo Penta,” said Cliff Pemble, Garmin’s president and COO.  “This alliance allows Volvo Penta and Garmin to seamlessly combine the strengths of both companies to offer market-leading integrated system solutions that are of the best design and highest quality.”

As electronic systems continue to gain ground in the marine sector, the propulsion system in boats is being increasingly integrated in the driver's environment. Volvo Penta is linking engines and transmissions with instruments, controls and accessories in the electronic platform known as EVC, Electronic Vessel Control.

Using this electronic platform, Volvo Penta has been able to deliver products including the joystick and the Dynamic Positioning System, making boating easier and more convenient for the end user.

Together with Garmin's innovative instrumentation, communication and navigation solutions, Volvo Penta will now be able to create an even better driver's environment, with a strong focus on comfort and user friendliness.

"Driving a boat should be easy. It should be enough simply to press the start button to power the entire system - in much the same way as a passenger car. The better we are at offering technology that simplifies boating, the greater our potential to attract new customer groups," adds Göran Gummeson.

Volvo Penta's and Garmin's joint products will be introduced successively, starting in 2012.

About Volvo Penta
Volvo Penta, with more than 5,000 dealers in over 130 countries, is a world-leading and global manufacturer of engines and complete power systems for both marine and industrial applications.  Vovlo Penta’s marine engine program includes diesel and gasoline engines with power outputs of between 10 and 2,000 hp.  Volvo Penta is part of the Volvo Group, one of the world’s leading manufacturers of trucks, buses, construction equipment, drive systems for marine and industrial applications and aerospace components and services.  The Group also provides complete solutions for financing and service.

About Volvo Group
The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, and aerospace components, and is one of the world's leading producers of heavy-diesel engines (9-16 liter). The Group also provides complete solutions for financing and service. The Volvo Group, which employs more than 90,000 people, has production facilities in 19 countries and sells their products in more than 180 markets. Volvo Group sales for 2010 amounted to 36.7 BUSD*. The Volvo Group is a publicly-held company headquartered in Gothenburg, Sweden. Volvo Shares are listed on Nasdaq OMX Nordic Exchange and are traded OTC in the US.