Clifton, N.J. - Gemini Industries has completed its acquisition of the assets of Zenith Electronic's accessories business. Zenith had announced it was selling its accessories business to Gemini in May.
Under the agreement, Gemini has entered into a long-term brand licensing relationship as well as acquired all the current assets of the Zenith Accessories business, including inventory and accounts receivables.
The majority of the 11 employees at Lincolnshire, Ill.-based Zenith Accessories, including industry veteran Len Coakley, have joined Gemini. Coakley, who had been vice president of accessories at Zenith, and who has also worked at Thomson Consumer Electronics, has been named vice president of emerging technologies at Gemini. He will provide Gemini's brand and retail partners with leading edge solutions for their consumers.
'Almost immediately, the transaction allows Gemini, and its customers, the opportunity to take advantage of new products currently within the Zenith Accessories development pipeline,' said Michael O'Neal, Gemini's president/CEO.
Among Gemini's immediate product opportunities are the ZenGM2, a universal remote control for PlayStation2; Klicker Jr., a line of children's remote controls; Video Senders, the 2.4Ghz wireless room-to-room remote control systems; advanced wired and wireless baby monitor and security camera solutions; and satellite and digital accessories.
Gemini also said it expects that additional innovative product solutions will result from this transaction in the coming weeks and months. Terms of the sale were not disclosed.
Gemini said the purchase deal is part of its long-term strategy to increase its presence in the consumer electronics industry through both internal growth and selective acquisition. The primary strategic opportunity here is that Zenith has a strong brand name, its products complement the current Gemini product lineup and the acquisition expands the current Gemini product base, said the company.
Zenith offers accessories in a number of categories, including remote controls; antennas; audio and home theater; video, media and maintenance; digital and satellite cables; telecommunications; security cameras; and wall mounts and TV stands.
Gemini, a nearly 40-year-old CE company, offers more than 2,500 audio, video and phone accessories sold under the Philips Magnavox, Southwestern Bell Freedom Phone and Gemini brands.
The acquisition creates exciting opportunities, said O'Neal, by "combining the strengths of two industry leaders - Zenith's extraordinary brand and aggressiveness in pursuing related CE innovations with Gemini's superior logistics and accessory management skills across a wide range of products."