VOXX International Corporation, a leading manufacturer and distributor of automotive and consumer technologies for the global markets, has announced that it has signed a Letter of Intent to acquire the home audio/video business of Onkyo Home Entertainment Corporation, along with Sharp Corporation (Sharp) as its partner. VOXX and Sharp have been granted exclusivity while discussions remain underway.
VOXX and Sharp have also entered into a Binding Agreement to move forward with this proposed transaction. All companies have a strong working relationship and are moving towards reaching a Definitive Agreement by May 20, 2021. If an Agreement is reached, it will be presented to Onkyo shareholders at its Ordinary General Meeting of Shareholders scheduled on June 25, 2021.
In July 2020, VOXX, through its newly formed distribution company and subsidiary 11 Trading Company, LLC (11TC), became the exclusive distributor in the Americas of the Onkyo, Pioneer, Pioneer Elite, and Integra brands. This built upon and expanded the alliance between the company’s when Onkyo became the distributor of Klipsch premium audio sound solutions in Japan in 2019. For many years, Sharp Corporation has manufactured products for Onkyo at their Malaysian factory as part of a joint venture.
Pat Lavelle, President and CEO of VOXX International Corporation states, “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.”
For more information, visit www.voxxintl.com.