VOXX, parent company to Audiovox Electronics, announced it entered an agreement to buy Tier 1 OEM supplier Hirschmann (Car Communication Holding GmbH) and its subsidiaries for 85 million euros.
The deal is expected to help Audiovox enter the budding Mobile DTV market, which allows digital TV transmission to a moving vehicle or portable device.
VOXX CEO Pat Lavelle said, “Their capability and existing worldwide digital TV tuner business holds great potential for us as we near deployment of MDTV in the US and we believe it will enhance our overall rear seat entertainment business. Additionally, their strong antenna engineering and R&D resources coupled with our existing RCA, Terk, and Schwaiger capabilities will allow us to expand antenna development and strengthen our position as a leading worldwide supplier.”
John Shalam, Founder and Chairman of the VOXX Board, stated, “This acquisition realizes my long term vision for VOXX International, which is to achieve global OEM manufacturing status…”
The deal is also expected to help VOXX expand into the Chinese market.
The purchase is expected to be completed in March and would make Hirschmann a wholly owned subsidiary of VOXX.