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Rockford Corp. announced it signed a definitive agreement to purchase MB Quart Akustik GmbH, parent company to MB Quart Electronics USA for $6 million.
Rockford is purchasing the entire company, including MB Quart in the United States, and will operate the high-end speaker company based in Walpole, Mass., as a separate division with its own sales and marketing team, said Rockford finance VP and CFO Jim Thompson. Keith Lehmann will remain president of MB Quart, which will retain its specialty car and home audio dealer base, said Thompson.
Rockford said it purchased MB Quart's parent company, which is in "bankruptcy liquidation" in Germany, according to Thompson, to add a high-end brand to its mix. "We have an entry-level product in Lightning Audio, and Fosgate is the power brand addressing the mid-end, and we were looking for a brand at the top of the market. Rockford Corporation, after signing an agreement to purchase MB Quart,expects to introduce a new line of amplifiers and probably subwoofers under the MB Quart brand in January 2003.
Rockford said the purchase will also strengthen the company's presence in Europe.
Thompson said the new name of the company will be Rockford MB Quart Acoustic GMBH.MB Quart in the U.S. is primarily a specialty car audio supplier with 80 percent of its sales to the aftermarket and 20 percent in home audio.
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