Onkyo Sale to Joint Venture between VOXX and Sharp Corporation Complete
VOXX International Corporation has announced that its wholly-owned subsidiary, Premium Audio Company, and Sharp Corporation have successfully entered into a joint venture to acquire certain assets of the audio/video business of Onkyo Home Entertainment Corporation.
The deal, first announced in May 2021, which Onkyo shareholders have now approved, sees the joint venture acquire the company for US$30.8 million, plus the assumption of certain liabilities and future payment of commissions to Onkyo on certain product sales. According to the press release, Premium Audio Company will own approximately 75%, and manufacturing partner Sharp will own approximately 25% of the JV.
Premium Audio Company will handle distribution worldwide and be responsible for all sales and marketing activities. Sharp, though its manufacturing facility in Malaysia, will be responsible for manufacturing. The acquisition will provide the JV with ownership of the brands, intellectual property, engineering, and manufacturing rights of the Onkyo and Integra brands. Further, VOXX International has entered into a new licensing agreement with Pioneer Corporation and per this licensing agreement, Premium Audio Company will market and sell the Pioneer and Pioneer Elite brands worldwide, excluding the Peoples Republic of China.
Onkyo markets and sells a variety of products under the Onkyo and Integra brands in home audio, lifestyle audio, hi-fi components, and speaker systems, all of which VOXX, through the joint venture between Premium Audio Company and Sharp, will now own.
Further, licensed products from Pioneer will include audio/video receivers and soundbars for home use and home-theatre systems.
StereoNET’s Founder and Publisher, born in UK and raised on British Hi-Fi before moving to Australia where he worked as an Engineer in both the audio and mechanical fields.
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