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 â€˜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.