Audiovox buying speaker company

Audiovox Corp. of Hauppauge is set to buy Klipsch Group Inc., an Indianapolis maker of high-end speakers for home theaters and cinemas, the Indiana Star newspaper reports.

Audiovox has signed a non-binding agreement to buy Klipsch, which has installed its speakers in movie theaters nationwide including such venues as the Clearview Ziegfield in Manhattan.

Authorized Klipsch retailers on Long Island include Best Buy and P.C. Richard & Son stores.

"We have been actively pursuing acquisition opportunities that will grow the company and improve our financial performance," Audiovox's president and CEO, Patrick Lavelle, said in a statement to the Star.

"The Klipsch brand is world-renowned and we believe Audiovox shareholders will benefit from the value of their unique market position, diversified customer base in home and professional channels, and their ongoing commitment to innovation."

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