Voxx expands with buy of German firm
Voxx International reported a $4.7-million loss Tuesday.
Hauppauge-based Voxx International Corp. said Thursday it has a $113-million agreement to buy a German maker of vehicle entertainment systems, Hirschmann Car Communication GmbH.
Because Hirschmann supplies products to such automakers as Audi, BMW, Daimler, Renault and Volkswagen, Voxx said it hopes the purchase will enable it to gain more of the world's automotive antenna and car entertainment system market.
The buy is a "natural fit," Patrick Lavelle, Voxx president and chief executive, said in a statement.
"Hirschmann has been supplying automotive manufacturers for nearly 70 years and is a recognized leader in both antenna solutions and mobile tuners," 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.
The purchase is expected to be financed with a new revolving credit facility and term loan from Wells Fargo Bank.
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