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Audiovox Completes Code Alarm

3/26/2002 09:52:00 AM Eastern

Hauppauge, N.Y.- Audiovox Electronics said it has completed the purchase of Code-Alarm, making the Madison Heights, Mich.-based company a fully owned subsidiary.

Audiovox Electronics president and CEO Pat Lavelle said the acquisition, completed on March 15, will help expand Audiovox's presence in both the OEM and aftermarket security, keyless entry and remote start markets.

'We think the Code-Alarm brand is well known and well respected within the industry and with the infusion of new capitol, it will be able to increase sales,' said Lavelle.

Code Alarm is a supplier to a number of OEM customers and it supplies security, keyless entry and remote starters to Ford who is the only major automaker offering remote start products through its dealers.

Said Lavelle, 'As part of our acquisition, Code Systems will continue to operate under the Ford Value Participation Agreement that Code entered into last year. We look to expand the product offering to Ford and increase distribution throughout their network. We believe Ford's entry into the remote start category will substantially enhance consumer awareness and help to increase sales in all market segments.'

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