VOXX International Corporation Announces Subsidiary Name Change
Klipsch Holding, LLC has been renamed Premium Audio Company, LLC given expanded brand portfolio and global distribution
ORLANDO, Fla., Aug. 11, 2020 /PRNewswire/ -- VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive, consumer and biometrics technologies, announced today it has changed the legal name of its wholly owned subsidiary from Klipsch Holding, LLC to Premium Audio Company, LLC. This move is a result of the Company's growing brand portfolio and recently announced distribution alliance with Onkyo & Pioneer Corporation.
Under the new structure, there will be two subsidiaries within Premium Audio Company, LLC (PAC):
- Klipsch Group, Inc. – which includes the Klipsch, Jamo, Energy, and ProMedia speaker brands;
- 11 Trading Company, LLC (11 TC) – the newly formed distribution company with exclusive distribution rights in the Americas to the Onkyo, Pioneer, Pioneer Elite, and Integra brands, as well as rights with respect to the Magnat and Heco brands.
Pat Lavelle, President and CEO of VOXX International Corporation stated, "Our goal was to avoid brand confusion and under the PAC umbrella, we have accomplished that. We took steps over the past year to realign our global operations, and now, with the addition of the Onkyo, Pioneer, Pioneer Elite, and Integra brands, this is a logical step. All will fall under the leadership of Paul Jacobs and the transition will be seamless for our customers. The Klipsch product portfolio and the premium audio category in its entirety, are poised for a strong year."
Paul Jacobs remains President and CEO of the Premium Audio Company, LLC subsidiary. Mr. Jacobs added, "Klipsch remains our flagship brand within our premium audio portfolio and we are expecting significant growth this year with new products coming to market and our expanded distribution. We will also be bringing to the U.S. market some of our international brands, while offering our customers and consumers a much wider assortment of high-end premium audio products. We look forward to the coming year and building our business through innovation."
As announced on July 30, 2020, Klipsch and Onkyo & Pioneer Corporation expanded their alliance to include the distribution of Onkyo, Pioneer, Pioneer Elite, and the Integra brands in the Americas. Distribution will run through a newly created subsidiary, 11 Trading Company, LLC, and will include products ranging from AV receivers to HiFi equipment, mini systems, smart speakers, turntables, sound bars, home theater systems, optical disc players and more, broadening the Company's portfolio to include a diverse mix of audio products. Onkyo & Pioneer Corporation will continue to distribute Klipsch-branded products in Japan.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a leader in Automotive Electronics and Consumer Electronics, with emerging Biometrics technology to capitalize on the increased need for advanced security. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.
About Premium Audio Company
Established in 2020, Premium Audio Company is the most innovative, complete and high-end premium audio solutions provider in consumer technology. We connect people to their passion for entertainment. Premium Audio Company comprises two subsidiaries and includes some of the most legendary and revered brands such as Klipsch, Jamo, Mirage, ProMedia, Magnat, Heco, Mac Audio, Onkyo, Pioneer, Pioneer Elite, and Integra. Premium Audio Company, LLC is a wholly owned subsidiary of VOXX International Corporation (NASDAQ: VOXX).
VOXX Investor Relations Contact
Jill Escol
Klipsch Group, Inc.
gwiener@GWCco.com
Klipsch Company Contact
Glenn Wiener
President and CEO
GW Communications (for VOXX)
(317) 860-8721
jill.escol@klipsch.com
VOXX International Corporation
Web Site: www.voxxintl.com
