Klipsch and Onkyo change corporate ownership again

VOXX International Corporation, owner of Premium Audio Company (Onkyo, Integra and Klipsch brands), has announced that it will be sold to Gentex Corporation, which will be acquiring all the issued and outstanding shares of VOXX common stock not already owned by Gentex for a purchase price of $7.50 per share. The transaction is subject to regulatory approvals, and is expected to close in the first quarter of 2025.

Premium Audio Co was a relatively small part of VOXX International, which main business is automotive electronics. A significant part of VOXX International shares were already purchased by Gentex in 2023, so the current acquisition was not completely unexpected. Some business analysts note that cash offer for VOXX International stock was slightly below current value.

Gentex Corporation, founded in 1974, describes its business as ‘a supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, dimmable aircraft windows for aviation markets, and fire protection products to the fire protection market’. Despite losing revenue for recent three consecutive years VOXX International is still a major player in the global automotive OEM business and owns advanced technologies, for example, Eyelock iris biometric authentication, which may be easily integrated into Gentex automotive, aerospace, and medical markets.

VOXX International, previously Audiovox, is known in audio industry for purchasing and owning for some time such American and international brands as AR (Acoustic Research), RCA, Advent, Jensen, Klispch, Mirage, HECO, Magnat, Oelbach, Jamo. In 2020, the audio part of VOXX, Klipsch Holding LLC, was restructured as Premium Audio Company LLC to manufacture Klipsch, Jamo, Mirage, ProMedia, Magnat, Heco, Mac Audio products. In 2021 VOXX International announced a deal with Sharp Corporation for a joint venture to acquire assets of Onkyo AV department which allowed to sell Onkyo, Integra, Pioneer and Pioneer Elite brands in North America and certain other markets.

After a string of buy-outs and closures Premium Audio Company LLC at the time of acquisition announcement operated with only three brands left: Onkyo, Integra and Klipsch. Research and manufacture contracting of Onkyo/Integra branded products is headquartered in Higashiosaka City, Japan, for Klipsch brand the HQ is located in Indianapolis, USA.

At the press time the intentions of Gentex regarding domestic audio and thus, future of Klispch and Onkyo hi-fi and AV-business, are not clearly defined.

Meanwhile Onkyo USA in possibly unrelated development released information about changing the company's logo and presenting new electronic products at the CES (Consumer Electronics Show) in Las Vegas January 2025.