Voxx International has announced that they have finalized their agreement to partner with Sharp Corporation to acquire the Home Entertainment Division of Onkyo – news that Strata-gee readers knew about last week. The news comes as a result of Onkyo shareholders voting last Friday to approve the sale of the company to Voxx’s subsidiary known as the Premium Audio Company. Not much was new here on the Onkyo front, as we already told you about the deal only covering the Onkyo and Integra brands. However, we did learn some more interesting details on the company’s attempts relative to the Pioneer and Pioneer Elite brands.
On Wednesday, at a specially convened meeting of the Board of Directors for Onkyo Home Entertainment Co. Ltd. (Onkyo), company directors formally voted to authorize the transfer of Onkyo’s home AV division to the partnership of VOXX, Intl. and Sharp Corporation, in a deal valued at $30.3 million. The transaction is pending shareholder approval. This development represents real progress on a deal that had appeared to be bogged down recently.
See more on this deal as it gets back on track[Read more…] about Onkyo Directors Vote to Authorize the Sale of the Company in $30.3M Deal
This week we learned that 11 Trading Company…part of Premium Audio Company…which itself is part of Voxx International (love those big corporate structures), has added the only remaining Onkyo brands – Teac & Esoteric – to their distribution line list. They did not include these brands in the original announcement of their agreement with Onkyo, but most people expected it to be added in time. With this new development we get a nice progression of the budding relationship between the companies – Voxx distributing Onkyo, Integra, Pioneer, Pioneer Elite, Teac & Esoteric – while Onkyo Corp. becomes the Klipsch distributor in Japan. Where could this be heading?
See more on Onkyo & Voxx/11 Trading Company partnership…[Read more…] about Budding Onkyo & Voxx Romance Grows, Adds Teac & Esoteric to 11 Trading Company
Voxx Expects Big Growth; That May Be a Bigger Challenge Than Anticipated
As part of an internal restructuring to accommodate their recent acquisition of the distribution rights to certain Onkyo brands, Voxx International Corporation announced this week that it has renamed the existing Klipsch Holding LLC to the rather generically named Premium Audio Company LLC. This is just the first change, as I’ve learned more announcements are just around the corner.
See more on the Voxx & Klipsch plans for Onkyo…[Read more…] about Making Space for Onkyo Brands, Voxx Announces Subsidiary Reorganization
As we hurtle headlong into the a new decade – the 2020s – it’s a good time to pause and take stock of some of the major events of our industry’s recent history by ranking the Top 10 Strata-gee stories of 2019 based on total page views. This ranking shows just what stories drew the most attention of Strata-gee’s eminently intelligent and inquisitive readers.
See which 2019 Strata-gee stories were tops with readers…[Read more…] about Reader’s Choice: The Top 10 Strata-gee Stories of 2019
Also: Consolidating Facilities & Moving Headquarters
It appears that the other shoe is dropping in the wake of the failed acquisition of Onkyo Corporation’s branded A/V division by Sound United last month, as the company now says it will reduce its overhead by cutting jobs. This appears to be the first step in a major reorganization of the company, as it seeks to right-size the organization for the industry’s new, smaller, and more competitive environment in which electronics manufacturers find themselves.
See more on Onkyo’s restructuring…[Read more…] about Onkyo to Slash Overall Company Headcount by 30%, Cutting Management by 50%
As you most likely know by now, Onkyo Corp. and Sound United have called off their transaction which would have transferred ownership of the 73-year old Onkyo brand, as well as the Integra, Pioneer, and Pioneer Elite brands to Sound United. The shocking news capped off a nearly five month process where many in the industry tried to figure out just how this deal made sense.
This was the second loss of a potential buyer for Onkyo, which admits it is re-evaluating its future based on the failure to sell off its brands.
See why Onkyo’s future is a question mark…[Read more…] about With Loss of Two Potential Buyers, Onkyo’s Future is a Question Mark
Onkyo USA announced this week that it will become a retailer of Sonos wireless music systems – selling the company’s wireless music systems on Onkyo USA’s website. The company also says it will distribute the brand nationally as well.
See more on Onkyo’s partnership with Sonos…[Read more…] about CEDIA 2019: Onkyo USA Says It Will Become a Retailer of Sonos, a Distributor Too
We seem to be in a week of big deals. First, we learned that SnapAV had acquired Control4, then we learned that the original founder of Paradigm has acquired back the Paradigm, Anthem, and Martin Logan brands from the private equity company that had bought the company from him some time back. Now we learn that Sound United, owner of Denon, Marantz, Polk Audio, Definitive Technology, HEOS, Classé, and Boston Acoustics has entered into an agreement with Onkyo Corp. to purchase Onkyo’s premier lineup of brands, including: Onkyo, Integra, Pioneer and Pioneer Elite.
But does Sound United’s purchase of Onkyo make sense?…[Read more…] about Sound United to Acquire Onkyo’s Audio Division
In Restructuring, Company Scales Back to ‘Core Competencies’
All the way back in 2012, Onkyo Corp. and Gibson Guitar Corp. came together to partner in what both hoped would become an entity where the whole was greater than the sum of the parts. Just months after their announcement, Onkyo forged ties to another Japanese audio brand, Teac/Tascam – just as Gibson stepped in to buy a majority share of them…and the combined entity began to grow.
Little did they know that just six short years later, Gibson, the investor in Onkyo, would implode into bankruptcy – forced to extricate itself from its Onkyo aspirations. Onkyo was hit as well, losing its Gibson investment – forcing them to reassess their direction. We now learn that Onkyo has sold off its entire European operations to an accessory distributor known as Aqipa GmbH.