Audiovox Closes Acquisition of Thomson Americas Consumer Electronics Accessory Business
HAUPPAUGE, N.Y., Jan. 29 -- Audiovox Corporation (NASDAQ:VOXX), announced today that it has completed its acquisition of Thomson's Americas consumer electronics accessory business for a total purchase price of approximately $59 million, which includes the working capital adjustment.
As announced on December 21, 2006, Audiovox has acquired the rights to the RCA brand for Consumer Electronics accessories. The acquisition also includes the Recoton, Spikemaster, Ambico and Discwasher brands for use on any products and the Jensen, Advent, Acoustic Research and Road Gear brands for accessory products. Audiovox already owns Jensen, Advent, Acoustic Research and Road Gear brands for electronics products as part of prior acquisitions.
Patrick Lavelle, President and CEO of Audiovox stated, "We are pleased to have closed on this transaction and believe the assimilation of Thomson's product lines and personnel into our operations will be seamless, as we sell to many of the same customers and have already taken the steps to streamline our operations in anticipation of this deal. This acquisition significantly enhances our brand portfolio, strengthens our position in the consumer electronics accessories business and puts us in a better position to generate higher returns for our shareholders."
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 several of its own brands. It also functions as an OEM (Original Equipment Manufacturer) supplier to a wide variety of customers, through several distinct distribution channels. For additional information, please visit Audiovox on the Web at http://www.audiovox.com/.
Company Contacts
Glenn Wiener, GW Communications for Audiovox
Tel: 212-786-6011 or Email: gwiener@GWCco.com
Source: Audiovox Corporation
CONTACT: Glenn Wiener, GW Communications for Audiovox, +1-212-786-6011, gwiener@GWCco.com
Web site: http://www.audiovox.com/
