Audiovox to Acquire Terk
Audiovox Corporation announced that its subsidiary, Audiovox Electronics Corp., has signed a letter of intent to acquire Terk Technologies Corp. for a purchase price of $13.6 million.
Terk, a provider of satellite radio receivers and digital antenna products, also has an agreement in place to develop future car stereo products for XM. Other ventures include TV and AM/FM antennas with an emphasis on high-definition technology.
John Shalam, chairman, president and CEO of Audiovox, says, "The proposed acquisition of Terk marks our first transaction since the sale of our wireless business to UTStarcom. Terk brings significant expertise in the specialized satellite radio industry, which we have identified as a fast growth high tech market and we believe it will serve to strengthen our position for future growth in that segment."