Hauppauge, N.Y. — Audiovox said it acquired Incaar, a high-end U.K. car stereo/video supplier to European car makers, for approximately $402,000 in addition to a maximum contingent earn out payment of $400,000 if earnings targets are met.
Incaar offers hard-drive based (HDD) car A/V units, car DVD players as well as car products using Wi-Fi and GPS/GSM.
Patrick Lavelle, president/CEO of Audiovox, said, “The acquisition of Incaar adds the OE component to our International mobile multi-media efforts. While Incaar has a limited operating history, it has a strong brand presence in the OE marketplace, including programs with BMW and Toyota among others.”
Audiovox expects the acquisition to be minimally accretive to earnings in fiscal year 2008, as seven months of the fiscal year are completed. It believes Incaar will add approximately $10 million to $13 million in sales to the European subsidy in fiscal 2009.