EXCLUSIVE: Audiovoxx Positive On Klipsch Purchase (VOXX)
Yesterday Audiovox Corporation (NASDAQ: VOXX) announced that it would be acquiring Klipsch Group for $166 million. Because of this important announcement, Benzinga spoke with Ann Boutcher, VP and CMO at Audiovox, to get more clarity on the purchase.
Boutcher said that the purchase was something Audiovox has wanted to do for a long time, and now was the right time to do it.
Boutcher said that by buying Klipsch, it "gives us an opportunity to enter a marketplace we've been looking at for a long time, which is the high-end speaker market."
In her exclusive comment to Benzinga, Boutcher said that the purchase of Klipsch will not affect day-to-day operations at Audiovox. "Klipsch will run as a stand-alone company, and the company's current management team will stay in place," Boutcher said.
Shares of VOXX are down just 13 cents to $7.68, but had been as high as $8.20 earlier in the session.
Audiovox Corporation operates as a distributor and value-added service provider in the accessory, mobile, and consumer electronics industries. Boutcher spoke with Benzinga on the phone today.
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