Audiovox Moves to Buy Klipsch
Audiovox announced Thursday that it has signed a "non-binding term sheet" in order to purchase all of the share of the Klipsch Group.
The company made clear in its announcement, however, that the deal is "subject to a number of contingencies" and may not be completed.
"We have been actively pursuing acquisition opportunities that will grow the Company and improve our financial performance," Audiovox CEO Patrick Lavelle said in a statement. "The Klipsch brand is world-renowned and we believe Audiovox shareholders will benefit from the value of their unique market position, diversified customer base in home and professional channels, and their ongoing commitment to innovation."