Magellen surrenders product line to MiTAC

As the recession in the United States continues and hits many companies hard, it has recently hit Magellan especially hard. We can’t say we didn’t see this coming, like the auto industry, Magellan just wasn’t making products that the public wanted. As a result, they’re forced to give up their products to MiTAC. MiTAC, as you may or may not know, is the parent company of Mio, so it makes sense that they bought Magellan out.

For the time being, not many details have been released on this acquisition, although we do know that it will take place in January 2009, but the financial terms have not been disclosed. Stay tuned for more details as they become available.

Press release is below.

Via [GPS Review]

Magellan Navigation, Inc. today announced it has entered into a definitive agreement to sell the Magellan consumer products division to MiTAC International Corp. Closing of the transaction is anticipated in January of 2009. Financial terms are not disclosed.

Recognized as an industry innovator, the Magellan consumer products division is the creator of the award-winning Magellan(R) RoadMate(R) and Maestro(TM) series portable car navigation systems, and the Magellan Triton(R) outdoor handheld navigation devices. The company is recognized worldwide through its Magellan brand.