New York – Audiovox Corp. announced today that its wholly
owned subsidiary, Audiovox German Holdings GmbH, has completed the acquisition
of Schwaiger, a German manufacturer of CE accessories.
The total
purchase price was listed as $4.3 million, and the acquisition is expected to
be accretive this fiscal year, adding roughly $32 million in annualized sales,
Audiovox said.
According to Audiovox, Schwaiger, which also
makes SAT and receiver technologies, has strong sales through the specialized
do-it-yourself market. It is based in Langenzenn,
Germany, and
Audiovox said it plans to keep the operation headquartered there.
Patrick
Lavelle, president and CEO of Audiovox Corporation, said in a statement,
“It has always been our intention to grow our European operations by
adding significant markets and product categories and capitalizing on synergies
where they exist. This acquisition does just that, as it adds to our Oehlbach
accessory business and further increases our ‘accessories’ presence by adding
both new customers and product lines to our growing European, accessory business.”
Audiovox
said the acquisition will result in the addition of the following products:
terrestrial antennas, amplifiers and accessories, antenna outlets and
accessories, switches, cables, installation materials, measuring gear and power
supplies, audio/video accessories, satellite-receiving components and others.
Schwaiger
will reportedly have the opportunity to tap into Audiovox Accessory
Corporation’s portfolio, as well as add products under the RCA, Jensen,
Acoustic Research and Terk brands.
