HAUPPAUGE, N.Y. and
LAS VEGAS, Jan. 6, 2014 /PRNewswire/ -- LVCC, CENTRAL
HALL, BOOTH 10404/10415 – VOXX International Corporation (NASDAQ:
VOXX), a leading manufacturer and supplier of consumer electronics
products in the automotive, premium audio and consumer accessories
industries, today unveiled organizational changes that are expected
to position the Company for growth in the coming years.
The Company announced today the formation of a new subsidiary,
VOXXHirschmann, which combines all Original Equipment Automotive
Groups into one single entity that includes Hirschmann Car
Communications® ("Hirschmann"), Audiovox Incaar®, Code Alarm® OE
and Invision®. The combination of these assets is expected to
significantly strengthen the Company's tier-one status as a global
manufacturer, while leveraging shared resources for sales, product
development and customer support. This new group has over 200
engineers, with product development and engineering facilities
located in Europe, Asia and the United
States. Furthermore, VOXXHirschmann now has the added
benefit of four manufacturing facilities strategically located in
Hungary, Germany and the
United States (Florida).
As part of this realignment, Ludwig
Geis, who previously served as Chief Executive Officer of
Hirschmann, has been appointed President and Chief Executive of the
new company. Before joining Hirschmann, Mr. Geis served as Chief
Executive Officer of Infotainment Solutions with Siemens VDO
Automotive and prior to, held several managerial roles in the
automotive industry. The team in Europe will concentrate efforts on the
European and China markets, while
the domestic team will focus on both North and South America.
Pat Lavelle, VOXX International's
President and CEO stated, "This is a significant step for our
organization and provides us with a true, tier-one, global
manufacturing footprint that we believe will drive innovation,
speed our time to market and strengthen longstanding customer
relationships. Both through internal product development and
acquisition, we have significantly expanded our OEM offerings and
today, do business with virtually all of the major OEMs today,
including GM, Ford, Mazda, Toyota, Jaguar, Land Rover, Daimler,
BMW, and VW Group, among others. The technology we've brought to
market and other projects that are in development have us very
excited about our growth prospects. Through this combination
of our OEM Groups into a single business unit, we will be in a
stronger position to take advantage of innovative developments for
the Asia, European and domestic
markets, and we believe, fuel growth over the coming years."
The Company also announced today another significant development
– the formation of VOXX Electronics Corp ("VEC"). This new group
was formed to take advantage of emerging technology trends, for
both mobile and consumer electronics product categories. Audiovox
Electronics Corporation has been consolidated into this new company
and Tom Malone; previously President
of that group has been named President of this newly formed
venture. VEC will continue to drive innovation by
focusing in the mobile arena on some of the newer and more
attractive growth categories, such as connectivity, telematics and
OE integration solutions. The new technology efforts will
focus on communications, imagery and biometrics and some of the new
product offerings will be on display at the Consumer Electronics
Show in Las Vegas, NV this
week. Entree into these high profile, high energy markets
will set the tone for the future of VOXX Electronics as an
innovative market leader bringing advanced technology and solutions
to both the end consumer and enterprise customer. The company
believes that technology at this level has the potential to
revolutionize industries and change forever how consumers interact
with their electronics.
Lavelle continued, "This is a natural move for us as we continue
to expand beyond traditional mobile electronics products and
diversify into new categories. Over the coming year, we will remain
focused on driving innovation, while strengthening our industry
partnerships and leveraging our global distribution network; one of
our greatest competitive strengths. Our business is evolving and I
believe this new venture will put us in a stronger position to take
advantage of emerging and exciting technology trends in the
future."
About VOXX International Corporation:
VOXX
International Corporation (NASDAQ:VOXX) is the new name for
Audiovox Corporation, a company that was formed over 45 years ago
as Audiovox that has grown into a worldwide leader in many
automotive and consumer electronics and accessories categories, as
well as premium high-end audio. Through its wholly-owned
subsidiaries, VOXX International proudly is recognized as the #1
premium loudspeaker company in the world, and has #1 market
positions in automotive video entertainment and remote starts,
digital TV tuners and digital antennas. The Company's brands
also hold #1 market share for TV remote controls and reception
products and leading market positions across a wide-spectrum of
other consumer and automotive segments.
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 has an international
footprint in Europe, Asia, Mexico and South America, and a growing
portfolio, which now comprises over 30 trusted brands. Among the
key domestic brands are Klipsch®, RCA®,Invision®, Jensen®,
Audiovox®, Terk®, Acoustic Research®, Advent®, Code Alarm®,
CarLink®, Excalibur®, Prestige®, and Pursuit®. International
brands Hirschmann Car Communication ®, Jamo®, Energy®, Mirage®, Mac
Audio®, Magnat®, Heco®, Schwaiger®, Oehlbach® and Incaar™.
The Company continues to drive innovation throughout all of
its subsidiaries, and maintains its commitment to exceeding the
needs of the consumers it serves. For additional information,
please visit our Web site at www.voxxintl.com.
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, 2013.
Investor & Media Relations Contact:
Glenn Wiener
GW Communications (for VOXX)
Tel: 212-786-6011
Email: gwiener@GWCco.com
SOURCE VOXX International Corporation