Audiovox buys high-end audio brand
Hauppauge-based Audiovox Corp. has agreed to acquire Klipsch Group Inc., a maker of high-end speakers for home theaters and cinemas, for $166 million, the company announced Friday morning.
Indianapolis-based Klipsch, whose retailers on Long Island include Best Buy and P.C. Richard & Son stores, will be a wholly owned subsidiary and continue under its current leadership, Audiovox said.
The company expects the transaction, which will be financed by cash and a new loan, to close within 30 days. Audiovox expects that the acquisition will add to its cash flow and earnings per share in fiscal 2012.
Audiovox chief executive Patrick Lavelle said Klipsch “has for over 60 years been synonymous with premium high-end audio solutions, and today enjoys the well-deserved reputation as ‘the’ pre-eminent audio brand for residential, professional and personal listening use.”