acquisition supports our growth strategy of acquiring companies
in businesses that generally operate at higher margins than
Patrick Lavelle, President and CEO, Audiovox
Audiovox Corporation will acquire
consumer electronics accessory business for $50 million. The Company
anticipates this transaction will close in early 2007.
As a result of the acquisition, Audiovox will acquire 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, "The well
respected RCA name further strengthens our brand portfolio in
consumer electronics accessories and gives us greater
flexibility at the distribution level. We believe the
acquisition of this business will enhance both our top and
bottom line performance and create powerful marketing synergies
for our organization."
Lavelle further stated, "This acquisition supports our growth
strategy of acquiring companies in businesses that generally
operate at higher margins than electronics. In addition, our
primary acquisition targets include companies where we can
utilize operating leverage to gain maximum efficiencies."
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