Voxx International has entered into a definitive agreement to sell its Hirschmann Car Communication group to a subsidiary of TE Connectivity.
Hirschmann, which Voxx purchased in 2012, is a supplier of antenna, digital tuners and commercial asset-tracking technology to the OEM automotive industry.
Voxx will retain the VoxxHirschmann brand and still operate in the OEM and aftermarket automotive space with its other operations. It will, however, phase out the VoxxHirschmann name over the next two years.
Under the terms of the agreement, TE Connectivity, a manufacturer of sensors and connectivity technology, will acquire Hirschmann for 148.5 million Euro (approximately $166 million). It’s expected to close Aug. 31.
In a statement, Pat Lavelle, Voxx International president/CEO, thanked Hirschmann employees for their commitment and contributions to the company.
“Over the past few years we have won a considerable number of contracts from many of the most respected automotive companies in the world, and the pipeline we have amassed has Hirschmann positioned very well in the future,” he said. “While the business is growing, it would require significant working capital on our end and we believe now is the right time to sell. We also believe that TE is the right company to bring Hirschmann to the next level. Their ability to invest for growth, strong global presence and history of innovation makes this a win-win for all parties — for Voxx, TE Connectivity and the customers served.”