VOXX International completes Hirschmann Car Communication acquisition

VOXX International Corporation has completed its acquisition of Car Communication Holding GmbH and its worldwide subsidiaries (Hirschmann) for a total purchase price of approximately US$112 million, plus related transaction fees, expenses and working capital adjustments. In 2011, Hirschmann sales were approximately US$199 million, representing a 16% increase over the prior year. Management believes, based on the company's existing pipeline of booked business through 2016 and anticipated global market oppor
March 22, 2012 Read time: 1 min
VOXX International Corporation has completed its acquisition of Car Communication Holding GmbH and its worldwide subsidiaries (Hirschmann) for a total purchase price of approximately US$112 million, plus related transaction fees, expenses and working capital adjustments.

In 2011, Hirschmann sales were approximately US$199 million, representing a 16% increase over the prior year.  Management believes, based on the company's existing pipeline of booked business through 2016 and anticipated global market opportunities that Hirschmann sales will continue to increase in the coming year.
"This is another major milestone for our company, as the addition of Hirschmann strengthens our global footprint and our OEM automotive offering,” said Patrick Lavelle, president and CEO of VOXX International.

Hirschmann, headquartered in Neckartenzlingen, Germany, is a recognised tier-1 supplier of communications and infotainment solutions, primarily to the automotive industry, and counts among its global customers, 2125 Audi, 1731 BMW, 1941 DAF Trucks, 2069 Daimler, PSA, 2453 Renault, and 994 Volkswagen Group, among others.
Location Based Systems

Related Content

  • April 17, 2012
    Dana increases equity stake in China- and India-based operations
    Dana Holding Corporation has completed two transactions that will enhance its position for further growth in the emerging markets of China and India. The company has increased its stake in Dongfeng Dana Axle Company, a China-based commercial-vehicle axle joint venture, to 50 per cent and has also acquired the commercial-vehicle axle business of Axles India. "We are encouraged by the continued strong performance of the truck and bus markets in China, and of our partner Dongfeng, and look forward to the stren
    Read More
  • August 24, 2012
    Peer-to-Peer carsharing in Europe projected to grow significantly
    According to Frost & Sullivan, by 2020 more than 200 traditional carsharing organisations (CSOs) and another 24 Peer-to-Peer (P2P) CSOs are expected to take the European market for carsharing to new heights. More than 14 million new members are expected to use carsharing services in Europe by the same year, while three new sub-segments will emerge in the market: electric vehicle carsharing, corporate carsharing and one-way carsharing. While the new segments arise in particular due to continued urbanisation
    Read More
  • March 22, 2012
    Bosch in $1.15 billion acquisition of SPX Corporation
    Bosch Automotive Aftermarket division is in the process of undertaking its largest ever acquisition with plans to acquire the service solutions business of US-headquartered SPX Corporation which develops, manufactures and sells diagnostic and service tools, workshop equipment, and software for the global automotive aftermarket. For 2011, the business, based in Warren, Missouri and which employs some 2,700 people in 17 countries, primarily in the US, Germany, France, and China, is expected to generate sales
    Read More
  • June 13, 2013
    Global V2V penetration into new vehicles to rise by 2027
    A new report from ABI research concludes that global vehicle to vehicle (V2V) penetration into new vehicles will increase from just over 10 per cent in 2018 to 70 per cent in 2027, with the EU, US, and Japan as key regions adopting V2V in the mid-term. “V2X market and regulatory dynamics vary greatly from region to region. While the US will decide whether or not to mandate V2X by the end of 2013 with implementation not expected before 2018, in Europe the Car 2 Car Communication Consortium (C2C-CC) has issue
    Read More

Highlighted Content