New York-based VOXX International Corporation announced that it has entered into a definitive agreement to sell its subsidiary Hirschmann Car Communication GmbH and its worldwide locations to TE Connectivity Ltd.
According to Hirschmann Car Communication website, the company owns a production plant in Queretaro where it manufactures antennas and components for communication and data transmission.
Under the terms of the Stock Purchase Agreement, TE Connectivity will acquire Hirschmann for an enterprise value of approximately US$ 166.0 million. The final purchase price is subject to further net cash and working capital adjustments.
Hirschmann Car Communication GmbH manufactures transmitter and receiver systems for mobile communication and data transmission. It offers infotainment systems, including eHub, radio and television modules, and television tuner boxes; and antenna systems, such as wireless and satellite communication systems, global navigation satellite system positioning systems, radio and television antennas, transparent film antennas, and antenna accessories.
The company also provides machine-to-machine (M2M) and telematics systems, including transceiver antenna systems, communication terminals, M2M gateways, and M2M and telematics antennas. It serves automotive, aftermarket, transportation, and M2M communication markets.
VOXX International Corporation will continue to operate in the Automotive industry and will retain its ongoing OEM business that is not part of this transaction through VOXX Hirschmann Corporation.
The Company will also continue its Automotive Aftermarket business through its proprietary brands and 3rd-party distribution agreements.
The continuing operations include the Company's market-leading rear-seat infotainment solutions, car security and remote start systems, remote start modules, app-based vehicle security solutions, keyless entry products and its newest innovation, the eFob, satellite radio products, and telematics, among others.
Business lines that will be sold as part of this agreement, include Hirschmann's antenna, smart antenna, multi-digital tuner and commercial asset tracking business, which incorporates various technologies and product lines. Under the terms of the agreement, VOXX International will phase out the VOXXHirschmann name over a period of two years.
Automotive antennas alone represent a US$ 2 billion-plus available market opportunity, and is growing at 5 percent annually.
TE Connectivity Ltd, formerly Tyco Electronics Ltd, designs and manufactures connectivity and sensor solutions for a variety of industries including automotive, industrial equipment, data communication systems, aerospace, defense, medical, oil and gas, consumer electronics, energy and subsea communications. The company serves customers in more than 150 countries.