A New Home for Onkyo at VOXX?
Has Onkyo found a new home with the likes of Klipsch, Magnat, Heco, and Jamo at VOXX International Corporation?
Onkyo looked to be close to sealing the alleged $73m deal with Sound United until the time to put pen to paper passed. So what is in store for the audio brand with a history that goes back to 1946?
Now a new player has joined the story in the shape of VOXX, a leading global manufacturer and distributor of automotive and consumer technologies. Earlier this week, VOXX announced that it has signed a letter of intent to acquire the Home Audio/Video business of Onkyo Home Entertainment Corporation with Sharp Corporation as its partner. We are told that VOXX and Sharp have been granted exclusivity while discussions remain underway.
VOXX and Sharp have also entered into a binding agreement to move forward with this proposed transaction. In the official statement, it is underlined that all the companies have a strong working relationship. For instance, in July 2020, VOXX, through its newly formed distribution company and subsidiary 11 Trading Company, became the exclusive distributor of the Onkyo, Pioneer, Pioneer Elite, and Integra brands in the Americas. This built upon and expanded the alliance between the companies when Onkyo became the distributor of Klipsch premium audio sound solutions in Japan in 2019. For many years, Sharp Corporation has manufactured products for Onkyo at their Malaysian factory as part of a joint venture
Pat Lavelle, President and CEO of VOXX International Corporation, told StereoNET:
For the past two years, we've worked well with the Onkyo team, expanding our relationship, and most important, serving the needs of our customers. It is our hope that we can reach an agreement shortly as they have strong brands, and through our Premium Audio Group, led by the Klipsch management team, we have widespread distribution and a global infrastructure to support our growth.
Presently, the companies are moving towards reaching a definitive agreement by May 20th 2021. Looking to the future, and if an agreement is reached, it will be presented to Onkyo shareholders at its Ordinary General Meeting of Shareholders scheduled for June 25th 2021.
Needless to say that StereoNET is keeping an eye on this development as it evolves.
Visit Onkyo for more information
Jay Garrett
StereoNET’s resident rock star, bass player, and gadget junkie. Jay heads up StereoNET as Editor for the United Kingdom and Europe regions. His passion for gadgets and Hi-Fi is second only to being a touring musician.
JOIN IN THE DISCUSSION
Want to share your opinion or get advice from other enthusiasts? Then head into the Message
Forums where thousands of other enthusiasts are communicating on a daily basis.
CLICK HERE FOR FREE MEMBERSHIP
Trending
1Audio-Technica’s Hotaru Levitates Analog Listening to New Heights
2Vertere DG-X Turntable Spins Simplicity into High-End Sound
3Stratton Shrinks the Form Not the Fidelity with Element 6 and 8
4Noise-Free Networking with SilentPower OMNI LAN
5Careful What Music You W(ai)sh For As Deezer Sounds Alarm
applause awards
Each time StereoNET reviews a product, it is considered for an Applause Award. Winning one marks it out as a design of great quality and distinction – a special product in its class, on the grounds of either performance, value for money, or usually both.
Applause Awards are personally issued by StereoNET’s global Editor-in-Chief, David Price – who has over three decades of experience reviewing hi-fi products at the highest level – after consulting with our senior editorial team. They are not automatically given with all reviews, nor can manufacturers purchase them.
The StereoNET editorial team includes some of the world’s most experienced and respected hi-fi journalists with a vast wealth of knowledge. Some have edited popular English language hi-fi magazines, and others have been senior contributors to famous audio journals stretching back to the late 1970s. And we also employ professional IT and home theatre specialists who work at the cutting edge of today’s technology.
We believe that no other online hi-fi and home cinema resource offers such expert knowledge, so when StereoNET gives an Applause Award, it is a trustworthy hallmark of quality. Receiving such an award is the prerequisite to becoming eligible for our annual Product of the Year awards, awarded only to the finest designs in their respective categories. Buyers of hi-fi, home cinema, and headphones can be sure that a StereoNET Applause Award winner is worthy of your most serious attention.