VOXX Rumored To Buy Onkyo
It has been widely reported that Klipsch’s parent company, VOXX International, is now in the final stages of acquiring Japanese consumer electronics manufacturer Onkyo Corporation, responsible for the production of Onkyo, Pioneer and Integra brands.
VOXX International Corporation, a leading manufacturer and distributor of automotive and consumer technologies for the global markets, has announced that in partnership with the Sharp Corporation, have signed a Letter of Intent to acquire the home audio/video business of Onkyo Home Entertainment Corporation.
VOXX Press Release: “VOXX and Sharp are in the process of establishing a joint venture which, subject to approval of the proposed transaction at Onkyo’s Ordinary General Meeting of Shareholders scheduled on June 25, 2021, and the satisfaction of certain other conditions, would own substantially all of the assets of Onkyo’s audio/video business. Upon the closing of the contemplated transaction, this would include intellectual property, brands, engineering, and manufacturing rights. Should this transaction be consummated, the Premium Audio Company would be responsible for all sales, marketing, and distribution of Onkyo and Integra audio/video products, whereas Sharp would be responsible for manufacturing, which it currently does in Malaysia.”
In July 2020, VOXX, through its newly formed distribution company and subsidiary, 11 Trading Company, LLC, became the exclusive distributor in the Americas of the Onkyo, Integra, Pioneer and Pioneer Elite brands. This expanded the alliance between these company’s when Onkyo became the distributor of Klipsch premium audio sound solutions in Japan in 2019.
Pat lavelle, President and CEO of VOXX International Corporation states: “This acquisition is a great addition to our Premium Audio Company. Since we established our distribution relationship in July 2020, we have seen strong demand for both Onkyo and Integra products.”
Not so long ago Onkyo was in talks with Sound United for their acquisition that ultimately got terminated. Now it looks like Onkyo will be purchased by VOXX International that is also the home to Klipsch, Magnat, Heco, and Jamo. This move now seems to have been solidified by the recent release of an ONKYO firmware upgrade starting with the TX-NR696 AV Receiver, that allows consumers to enable a new feature that will “create a sound field setting that matches the design concept of the Klipsch brand Reference Series speakers. This “Klipsch Optimized Mode” is said to be the result of joint research between Klipsch and Onkyo.
Image Credit: Onkyo & Klipsch.
Onkyo has stated that the “Klipsch Optimized Mode” will be added to future Onkyo AV receivers coming later this year and will be available as an update as new Klipsch Reference Series products are released.
UPDATE 7/2/2021: VOXX International Corporation’s Subsidiary, Premium Audio Company, LLC, Enters Into Joint Venture Agreement With Sharp Corporation; Joint Venture To Acquire The Audio/Video Business Of Onkyo Home Entertainment Corporation. See the VOXX press release here.
See the original VOXX press release here.
VOXX International Corporation consumer website.
Onkyo TX-NR696 Klipsch firmware update.
