As first reported in late June, joint venture company between VOXX International and Sharp Corporation has completed the acquisition of Onkyo’s home audio/video business, which includes the Onkyo and Integra brands. The joint venture company is called Premium Audio Company (PAC) and it is a wholly owned subsidiary of VOXX International (Nasdaq: VOXX). The initial price for the acquisition was $30.8 million.
PAC now owns approximately 75% of the newly created joint venture and will manage all product development, engineering, sales, marketing, and distribution of Onkyo’s home entertainment business. Sharp will continue to manufacture the products in its Malaysian plant, as it has in the past, and focus on scaling its manufacturing lines and managing the supply chain to handle more anticipated production volume.
Expanding its portfolio even further, VOXX has signed a licensing agreement with Pioneer Corporation. Premium Audio Company will now market and sell the Pioneer and Pioneer Elite audio/video solutions worldwide, excluding the Peoples Republic of China, with manufacturing done by Sharp.
“Premium Audio Company, VOXX, Onkyo and Sharp worked together to complete a complicated asset acquisition,” says Paul Jacobs, President and CEO of Premium Audio Company. “It is a strong statement about the power of this newly formed alliance. Combining the number one speaker brand in the world with the most technically sophisticated Japanese electronics brands ushers in a new era of design, innovation, and performance. We look forward to another 75 years of creating industry-leading products, profitability for our partners, and connecting people to their passion for entertainment.”
Established in 2020, Premium Audio Company is comprised of three subsidiaries and includes brands such as Klipsch, Jamo, Mirage, ProMedia, Magnat, Heco, Mac Audio, Onkyo, Pioneer, Pioneer Elite, Integra, Teac and Esoteric.