RHJ: No Comment On D&M Rumors
by Joseph Palenchar -- TWICE, 1/28/2007
BRUSSELS, BELGIUM — RHJ International, which owns a 49 percent stake in D&M Holdings, declined to comment on a news report from Japan that it would sell its D&M shares.
RHJ is the single largest shareholder in the publicly traded company.
Late last year, the diversified holding company did say that it "has accelerated its systematic review to rigorously identify ways to unlock greater value for shareholders," but it noted that the result could take many forms, including "expanding existing businesses, acquisitions, mergers, or disposals."
"We are not commenting on market rumors," RHJ spokesman Arnaud Denis told TWICE. "Today's press speculation is not based on any company announcement." Added Gail Petersen, spokeswoman for D&M Holdings North America, "We work closely with them [RHJ], but we don't speak on their strategic activities."
For its part, D&M Holdings of Japan said, "Press reports concerning the potential sale of shares held by RHJ International is not based on any information provided by the company."
In November, D&M reported a 21 percent sales gain to $446.1 million in the fiscal-year first half, ended Sept. 30, all due to two recent acquisitions in the commercial A/V markets. Without the acquisitions, D&M's revenues would have decreased 4.5 percent, the company said. Net profit dipped 30 percent to $2.6 million during. In December, D&M sold its Replay TV business to DirecTV, but earlier in 2007, it purchased Philips Sound Solution, an OEM audio supplier to automakers and other companies, and Calrec, a supplier of audio equipment to broadcasters.
D&M's consumer A/V brands are Denon, Marantz, Boston Acoustics, Snell, McIntosh and Escient.
RHJ's portfolio consists of controlling ownership interests in six companies, non-controlling minority interests in other companies, and other investments. The companies are in such industries as automotive components, prerecorded music and nutrition products, and one owns a hospitality resort.
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