Audiovox Announces Acquisition of OEHLBACH Kabel GmbH
Well-known Accessory company to compliment European Consumer Electronics Operation
HAUPPAUGE, N.Y., March 5 -- Audiovox Corporation (NASDAQ:VOXX), announced today that its wholly owned subsidiary, Audiovox German Holdings GmbH, has completed the acquisition of OEHLBACH Kabel GmbH, a European market leader in the accessories field, for a total purchase price of 5 million euros ($6.6 million US), in addition to certain earn-out payments.
Patrick Lavelle, President and CEO of Audiovox stated, "This acquisition is in keeping with our stated goal to acquire synergistic businesses and product lines at higher margins than our core lines. The same philosophy exists in our European operation, which with this acquisition will add high quality accessory products to their portfolio and will do so at higher margins. Oehlbach is a recognized leader throughout Europe and has an impressive distribution network, covering 30 countries."
Lavelle concluded "Coupled with our acquisitions of Terk Technologies and most recently Thomson, which includes the RCA, Acoustic Research, Jensen and Advent brands, we will now have an accessory division that should post sales upwards of approximately $200 million over the coming year as well as give us a respectable share in the accessory marketplace. We remain active in the M&A marketplace and continue to look towards additional acquisitions that will help us grow both our top and bottom lines and enhance shareholder value."
About Audiovox
Audiovox Corporation is a leading international supplier and value added service provider in the consumer electronics industry. The Company conducts its business through subsidiaries and markets mobile and consumer electronics products both domestically and internationally under a family of its owned brands that include among others, Audiovox, RCA, Jensen, Acoustic Research and Phase Linear. The Company's products are marketed to a wide variety of customers through several distinct distribution channels. The Company also is an OEM (Original Equipment Manufacturer) supplier to a number of vehicle manufactures both domestic and international. For additional information, please visit Audiovox on the Web at www.audiovox.com/
About OEHLBACH
OEHLBACH Kabel GmbH is a European market leader of high-quality accessories, particularly cables.
OEHLBACH products are known for their high quality and functionality, as well as outstanding design. Their high ranking in innumerable international tests corroborates the quality of OEHLBACH accessories. They pride themselves on their ability to respond quickly to the needs of their distribution partners and can in fact, manufacture and deliver current models to their customer base within 72 hours. For additional information, please visit OEHLBACH on the web at www.oehlbach.de and www.cableconfigurator.com
Source: Audiovox Corporation
CONTACT:
Glenn Wiener,
GW Communications for Audiovox,
+1-212-786-6011,
gwiener@GWCco.com
Web site: www.audiovox.com/
