Car audio and consumer tech company VOXX International, along with Sharp Corporation as its partner, has announced that it has signed a letter of intent to acquire the Home AV business of Onkyo Home Entertainment. Both companies in the deal have been granted exclusivity while discussions are underway.
In July of last year, Voxx became the exclusive distributor of Onkyo, Pioneer, Pioneer Elite and Integra in the Americas through its subsidiary 11 Trading Company. According to the companies involved, the alliance consolidated when Onkyo became distributor of Klipsch premium audio products in Japan in 2019. For many years, Sharp Corporation has also manufactured products for Onkyo at their Malaysian factory as part of a joint venture. VOXX and Sharp have entered into a binding agreement to move forward with the transaction with a view to reaching a definitive position by May 20th of this year.
Pat Lavelle, President and CEO of VOXX International Corporation stated, “For the past two years, we’ve worked well with the Onkyo team, expanding our relationship, and most important, serving the needs of our customers. It is our hope that we can reach an agreement shortly as they have strong brands, and through our Premium Audio Group, led by the Klipsch management team, we have widespread distribution and a global infrastructure to support our growth.”
Perhaps we will see a return to form and better availability of product again in the near future? HTF will keep you updated on developments.
Martin, a seasoned journalist and AV expert, has written for several notable print magazines. He’s served in key roles at Lucasfilm’s THX Division, NEC’s digital cinema division, and has even consulted for DreamWorks. Despite his illustrious career, Martin remains rooted in his passion for cinema and acting, with notable appearances in several Spielberg films, Doctor Who, and Star Wars: The Empire Strikes Back. He currently resides in San Francisco.
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