Hauppauge-based Voxx International Corp. said Thursday it hopes to capture more of the world's automotive entertainment market with an agreement to buy a German maker of vehicle communications and entertainment systems.
Voxx said it has a $113-million agreement to buy Hirschmann Car Communication GmbH.
Hirschmann supplies products to original equipment manufacturers, or OEM, such as Audi, BMW, Daimler, Renault and Volkswagen, and Voxx said it hopes the purchase will enable it to gain more of the world's automotive antenna and car entertainment systems market.
The buy is a "natural fit," said Voxx president and chief executive Patrick Lavelle.
"Hirschmann has been supplying automotive manufacturers for nearly 70 years and is a recognized leader in both antenna solutions and mobile tuners with strong, long-term OEM relationships," he said.
Voxx, the parent of Audiovox Corp., said the deal will likely close next month.
Headquartered in Neckartenzlingen, Germany, Hirschmann had 2011 sales of about $186 million. It will become a wholly owned subsidiary of Voxx International.
Voxx reported last month its net income more than doubled to $8.9 million in its fiscal third quarter, which ended Nov. 30. Sales rose 27 percent to $206.8 million. Sales for the nine months ended Nov. 30 rose 25 percent to $530.5 million.
The purchase is expected to be financed with a new revolving credit facility and term loan from Wells Fargo Bank.