Strategy in TECH...
In yet another twist in the long and winding saga of Bowers & Wilkins (B&W), it was announced late Friday that the company has entered into an agreement to be acquired by Sound United, the parent company of several audio brands such as Denon, Marantz, Polk Audio, Definitive Technology, HEOS, Classé, and Boston Acoustics.
It seemed as if 2020 was destined to represent a year of hardship, illness, and death in the wake of a still simmering COVID-19 pandemic – not to mention its impact on the economy. Then, a white police officer in Minnesota was filmed with his knee on the neck of George Floyd, an unarmed black man, who died. That officer, along with three others present, was charged with murder. And a fuse was lit that erupted into street protests which were largely peaceful with some acts of violence in cities around the country.
This scenario – white police officer killing an unarmed black man – is an all-too familiar one here in the United States…but this time, people took to the streets both here and around the world. And a growing list of powerful brands, including a few in our industry, are stepping forward to take a stance on the issue.
A few months ago, I unexpectedly became unemployed. There had been occasions in my career when it was clear that I needed to get the hell out of Dodge —but this wasn’t one of them.
A new job would not appear overnight; that was obvious. I was up to my ears in fearful self-absorption.
Then things changed…and the world was in upheaval.
No doubt about it, Crestron is on a roll. They have recently had a series of announcements – not of the ho-hum type, but of the more meaningful, perhaps industry-changing type. Now we learn about another new partnership being announced – Crestron is working with Logitech and Zoom to deliver HomeTime, an upgraded home video conferencing solution perfect for this strange new work-from-home (WFH) world in which we all find ourselves.
On Wednesday, we learned that Savant Systems Inc. (Savant), has acquired the lighting business from none other than the mighty GE. Terms of the transaction were not released, but the Wall Street Journal reports that “the transaction valued the unit at around $250 million, according to a person familiar with the matter.” GE has been a major lighting provider for over a hundred years.
Saying they are putting “Health and Safety first,” IFA announces they have received the appropriate government approvals to hold a live, in-person trade show event in Berlin this coming September. The announcement was a dramatic departure from their previous announcement in April cancelling this very event. But will anyone choose to attend?
Emerald Holding Inc., formerly Emerald Expositions Events, Inc. (NYSE:EEX), has released their fiscal 2020 first quarter results and the organization makes no bones about it – it has been hit, and hit hard, by the COVID-19 pandemic. The company announced that in the first quarter of fiscal 2020 – the period ending March 31, 2020 – sales declined 27.4% to $99.7 million and the company had the biggest net loss in its history, losing $570.1 million.
Joel Davis of JD Events (JDE) announced a little more than a week ago that AXPONA, the high-end audio exposition scheduled to take place in Schaumburg, IL in August, is now canceled. Citing the health and safety of attendees, Davis’ letter said “we do not feel 100% confident that we can provide a safe environment for all of our customers and press…” But in a separate communication to exhibitors, Davis informed them the that JDE was in dire financial straits and unable to return their deposits – further angering the still unhappy AXPONA exhibitors.
The DaVinci Group (TDG), a specialty supplier of custom integration gear including architectural speakers, amplifiers and more, has taken extraordinary steps to offer their dealers responsibly sourced personal protection equipment (PPE), such that their work crews can safely continue to access job sites and clients’ homes fully protected. An example of creative thinking, TDG used their sourcing prowess to find a reliable resource for a range of PPE gear that is desperately needed by integrators…many of whom report a lack of local supply.
The Coronavirus pandemic has hit America big time. With a head-spinning swiftness, the epidemic swept across the country with ruthless efficiency – first impacting densely populated urban areas (NYC, LA, Chicago), then spreading its tentacles throughout more sparsely populated regions of the country. It has extracted a devastating human toll, striking fear in the hearts of consumers, and brought a once bustling economy to a screeching halt…plunging it into recession.
We have never seen anything quite like this and for business owners and managers…we are truly in uncharted territory. With almost 85% of all Americans now subject to some form of Shelter-In-Place or Stay-At-Home order, everything except essential services, such as grocery stores and pharmacies, has been closed down – and most companies have seen their sales disappear. Will a fearful consumer complicate our recovery from this recession?
