Garmin is going to be asking shareholders to approve a move of their umbrella company from the Cayman Islands to Switzerland. If approved the move is said to help with strategic location for growing their European business, and of course the murky world of tax favorability. The number crunchers must have been busy with this one, but I would imagine that with European acquisitions in recent years, their critical mass on that continent makes for a compelling balance sheet change.
As part of the move, Garmin will have a one time increase of the cash dividend from $0.75 per share, to $1.50 per share. Must have had some cash hidden in the closets down there in the islands!
More from Garmin on the move
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