Indianapolis-based Premium Audio Co. and Sharp Corp. in Japan have created a joint venture and acquired the audio/video business of Japan-based Onkyo. PAC says it owns 75% of the joint venture and will manage all product development, engineering, sales, marketing and distribution of Onkyo’s home entertainment business.
The deal includes the Onkyo and Integra brands. PAC, a subsidiary of VOXX International (Nasdaq: VOXX), says Sharp will continue to make the products in its Malaysian plant and will focus on scaling manufacturing lines and managing the supply chain to handle more production.
VOXX also has signed a licensing agreement with Pioneer Corp. to market and sell the Pioneer and Pioneer Elite audio/video components worldwide, not including China.
PAC President and Chief Executive Officer Paul Jacobs says the companies worked together to finish the complicated acquisition.
“It is a strong statement about the power of this newly formed alliance. Combining the number one speaker brand in the world with the most technically sophisticated Japanese electronics brands ushers in a new era of design, innovation, and performance. We look forward to another 75 years of creating industry-leading products, profitability for our partners, and connecting people to their passion for entertainment,” said Jacobs.
Financial terms of the deal were not disclosed.