VOXX International Corporation Announces the Sale of Certain Assets of its Domestic Accessories Group to Established, Inc. for Approximately $25 Million
VOXX International (NASDAQ: VOXX) has announced the sale of certain assets of its Domestic Accessories Group to Established, Inc. for approximately $25 million. The deal includes the iconic RCA® trademarks and other intellectual property. VOXX will continue to operate as VOXX Accessories Corp. (VAC) to ensure business continuity. The transaction, expected to close by August 30, 2024, aligns with VOXX's strategy of monetizing assets, realigning the organization, and paying down debt. CEO Pat Lavelle stated that this move will strengthen the company's financial position while maintaining strong global brands and distribution.
VOXX International (NASDAQ: VOXX) ha annunciato la vendita di alcuni asset del suo Domestic Accessories Group a Established, Inc. per circa 25 milioni di dollari. L'accordo include i famosi marchi RCA® e altre proprietà intellettuale. VOXX continuerà a operare come VOXX Accessories Corp. (VAC) per garantire la continuità aziendale. La transazione, prevista per chiudere entro il 30 agosto 2024, si allinea con la strategia di VOXX di monetizzare asset, riallineare l'organizzazione e ridurre i debiti. Il CEO Pat Lavelle ha dichiarato che questa mossa rafforzerà la posizione finanziaria dell'azienda mantenendo forti marchi e distribuzione a livello globale.
VOXX International (NASDAQ: VOXX) ha anunciado la venta de ciertos activos de su Domestic Accessories Group a Established, Inc. por aproximadamente 25 millones de dólares. El acuerdo incluye las icónicas marcas RCA® y otra propiedad intelectual. VOXX continuará operando como VOXX Accessories Corp. (VAC) para asegurar la continuidad del negocio. Se espera que la transacción, que se cerrará para el 30 de agosto de 2024, esté alineada con la estrategia de VOXX de monetizar activos, reorganizar la empresa y pagar deudas. El CEO Pat Lavelle afirmó que este movimiento fortalecerá la posición financiera de la empresa al tiempo que mantiene fuertes marcas y distribución global.
VOXX International (NASDAQ: VOXX)은 자사의 Domestic Accessories Group의 특정 자산을 Established, Inc.에 약 2,500만 달러에 판매한다고 발표했습니다. 이 거래에는 상징적인 RCA® 상표와 기타 지적 재산이 포함됩니다. VOXX는 사업의 연속성을 보장하기 위해 VOXX Accessories Corp. (VAC)로 계속 운영됩니다. 이번 거래는 2024년 8월 30일까지 마감될 것으로 예상되며, VOXX의 자산 수익화, 조직 재편성 및 부채 상환 전략에 부합합니다. CEO Pat Lavelle은 이 결정이 회사의 재무 상태를 강화하고 강력한 글로벌 브랜드와 유통을 유지할 것이라고 밝혔습니다.
VOXX International (NASDAQ: VOXX) a annoncé la vente de certains actifs de son Domestic Accessories Group à Established, Inc. pour environ 25 millions de dollars. L'accord inclut les célèbres marques RCA® et d'autres propriétés intellectuelles. VOXX continuera à fonctionner sous le nom de VOXX Accessories Corp. (VAC) pour garantir la continuité des affaires. La transaction, qui devrait se clore d'ici le 30 août 2024, s'inscrit dans la stratégie de VOXX de monétiser des actifs, réorganiser l'organisation et réduire la dette. Le PDG Pat Lavelle a déclaré que ce mouvement renforcera la situation financière de l'entreprise tout en maintenant de fortes marques et une distribution mondiale.
VOXX International (NASDAQ: VOXX) hat den Verkauf bestimmter Vermögenswerte seiner Domestic Accessories Group an Established, Inc. für ungefähr 25 Millionen Dollar angekündigt. Der Deal umfasst die ikonischen RCA®-Marken und weiteres geistiges Eigentum. VOXX wird weiterhin als VOXX Accessories Corp. (VAC) operieren, um die Geschäftskontinuität sicherzustellen. Die Transaktion, die bis zum 30. August 2024 abgeschlossen sein soll, entspricht der Strategie von VOXX, Vermögenswerte zu monetarisieren, die Organisation neu auszurichten und Schulden abzubauen. CEO Pat Lavelle erklärte, dass dieser Schritt die finanzielle Position des Unternehmens stärken wird, während starke globale Marken und Vertriebswege erhalten bleiben.
- Asset sale expected to generate approximately $25 million in revenue
- Strengthening of financial position through debt reduction
- Continuation of business operations as VOXX Accessories Corp.
- Maintenance of strong global brands and distribution
- Divestment of iconic RCA® trademarks and other intellectual property
- Potential reduction in domestic market presence in the accessories business
VOXX will continue to operate as VOXX Accessories Corp. ("VAC") to ensure business continuity
Pat Lavelle, Chief Executive Officer of VOXX International Corporation stated, "This transaction is in line with our stated strategy of monetizing assets, realigning the organization and paying down debt. We have enjoyed strong market positions and success in the accessories business globally, and will maintain strong global brands and distribution once this transaction closes. Domestically, while we are selling assets, we will continue to provide our customers and manufacturers with the same support as they have had in the past, as we are continuing to manage the business. With this asset sale however, we will strengthen our financial position."
The Agreement was entered into on August 2, 2024 and the companies anticipate the transaction will close on or before August 30, 2024. The finalization of the Agreement will be subject to standard closing conditions.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, with a portfolio of approximately 30 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to the risk factors described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports we file with the SEC. The factors described in such SEC filings include, without limitation: impacts related to the COVID-19 pandemic, global supply shortages and logistics costs and delays; global economic trends; cybersecurity risks; risks that may result from changes in the Company's business operations; operational execution by our businesses; changes in law, regulation or policy that may affect our businesses; our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction methods; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the War in the Ukraine and any worsening of the global business and economic environment as a result.
Investor Relations Contact:
Glenn Wiener, GW Communications (for VOXX)
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation
FAQ
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