ORLANDO, Fla., Jan. 12, 2015 /PRNewswire/ -- Today,
Governor Rick Scott announced that
VOXX International Corporation will expand its automotive
components production facility with a new, state-of-the-art
manufacturing center and corporate headquarters in Orlando. As a part of this initiative, VOXX
International has also begun the process of moving its New York-based executive headquarters to
Orlando, which will eventually be
housed in the new building. The expansion will create 134 jobs, in
addition to retaining 173 jobs, and invest $16.5 million in the community.
Governor Scott said, "The expansion of VOXX International and
creation of 134 new jobs is great news for Orlando families. We are working to create a
global economy where businesses can grow and create more jobs. We
have also worked hard to create an environment where our
manufacturing businesses can flourish by rolling back the sales tax
on manufacturing equipment and machinery for manufacturing
companies like VOXX. Florida
businesses have created more than 700,000 jobs since December 2010, and we will keep Florida working to grow even more jobs and
opportunities for Florida
families."
VOXX International considered other states but chose
Orlando for its local-based talent
pool, proximity to major transportation hubs, and business friendly
climate. The company will produce market-leading automotive
entertainment systems and products in the new 115,000 square-foot
facility.
Pat Lavelle, President and CEO of
VOXX International stated, "This is a very exciting development for
our company and one we believe is important to the growth of our
Automotive OE segment, especially now that we have combined all of
our OE business into one entity – VOXXHirschmann. With all of our
domestic OE production under one roof, Florida will provide an excellent location and
a pro-business climate for us to consolidate production and
manufacturing operations from other locations. Today, the
Automotive segment of our business represents nearly 50 percent of
our sales and we believe this can and will grow over the next
several years, especially as we bring to market more integrated
solutions that combine our rear-seat entertainment systems with our
antenna and tuner technologies."
Florida is ranked third in the
nation for high-tech establishments. In addition, the state's
software and computer systems design and integration industry is
one of the largest in the U.S., with nearly 12,600 firms. Florida
manufacturers are a powerful economic engine for the state's
economy. In addition to removing the manufacturing and equipment
sales tax on manufacturers earlier this year, Florida's strong workforce and top-ranked
infrastructure make it the perfect state for manufacturers.
Secretary of Commerce and EFI president & CEO Gray Swoope said, "VOXX International's
expansion will add great value to Florida's IT and manufacturing sectors.
Companies like VOXX are choosing Florida because of the state's strong
workforce, expansive infrastructure and pro-business climate. We're
excited to see the international growth of VOXX and I look forward
to their continued success from this new Florida facility."
Department of Economic Opportunity Executive Director
Jesse Panuccio said, "The expansion
of VOXX International in Orlando
is a win for the local economy and the state. With the retention of
173 jobs and the creation of 134 new jobs, this company will
continue to be a vital asset to the local high-tech industry.
Partnerships of this nature are key to Florida's nation-leading economic turnaround
story."
CareerSource Florida President and CEO Chris Hart IV said, "Congratulations to VOXX on
the company's continued growth and success in Florida. Through this latest expansion, more
than 300 families will benefit through the QRT grant program's
customized training to enhance skills and boost both productivity
and prosperity."
"We are thrilled that VOXX International has chosen to expand
its local operations by building its new, state-of-the-art
manufacturing facility in Orange
County," said Orange County
Mayor Teresa Jacobs. "Orange County serves as a global hub for
trade, innovation and economic development. With our world-class
airport and skilled workforce, Orange
County is the perfect place for VOXX International's
high-tech manufacturing facility. In addition to significant
capital investment, the high-wage jobs associated with this
expansion will be a great addition to our regional economy."
"Orlando's emerging technology
and advanced manufacturing industries make it the ideal location
for VOXX International's new production facility. We're pleased
with VOXX's decision to expand its presence in Orange County to develop its next digital
products and offer new opportunities for skilled talent across our
region," said Rick Weddle, President
and CEO of the Orlando Economic Development Commission.
VOXX International Corporation (NASDAQ: VOXX) formerly
Audiovox Corporation has grown into a worldwide leader in many
automotive and consumer electronics and accessories categories, as
well as premium high-end audio. Today, VOXX International is a
global company with an extensive distribution network that includes
power retailers, mass merchandisers, 12-volt specialists and most
of the world's leading automotive manufacturers. The company
continues to drive innovation throughout all of its subsidiaries,
and maintains its commitment to exceeding the needs of the
consumers it serves.
Enterprise Florida, Inc. (EFI) is a partnership between
Florida's businesses and
government leaders and is the principal economic development
organization for the state of Florida. EFI facilitates job
growth for Florida businesses
through recruitment and retention, international trade and
exporting, promotion of sporting events, and capital funding
programs to assist small and minority businesses.
Safe Harbor Statement
Except for historical
information contained herein, statements made in this release that
would constitute forward-looking statements 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 risks that may result from changes in the
Company's business operations; our ability to keep pace with
technological advances; significant competition in the automotive,
premium audio and consumer accessories 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 concerns regarding the European debt
crisis; restrictive debt covenants; the possibility that the review
of our prior filings by the SEC may result in changes to our
financial statements; and the possibility that stockholders or
regulatory authorities may initiate proceedings against VOXX
International Corporation and/or our officers and directors as a
result of any restatements. Risk factors associated with our
business, including some of the facts set forth herein, are
detailed in the Company's Form 10-K for the fiscal year ended
February 28, 2014.
Governor's Press Office
(850) 717-9282
media@eog.myflorida.com
VOXX International Media & Investor Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
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SOURCE VOXX International