Audiovox Closes Terk Acquisition
By Jeff Malester -- TWICE, 1/17/2005
HAUPPAGUE, N.Y. — Audiovox Electronics, the wholly owned subsidiary of Audiovox Corp., has completed its acquisition of certain assets comprising the business of Terk Technologies for $13.1 million, plus a debenture based on achieving future revenue targets.
Terk, based in Commack, N.Y., is a provider of satellite radio receivers and digital antenna products, and has an agreement to provide existing, and develop future, car stereo aftermarket products for XM Satellite Radio. Terk also makes TV and AM/FM antennas, with an emphasis on high-definition technology.
Audiovox is an international distributor and value-added service provider, conducting its business through Audiovox Electronics, which markets auto entertainment, vehicle security and consumer electronics products.
“We are pleased that we were able to complete this transaction quickly,” said Pat Lavelle, president/CEO of Audiovox Electronics. “It is very important for this transaction to be seamless to our customers and for there to be steady, uninterrupted service and product supply throughout the process.''
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