Directed Electronics this week announced an agreement to acquire Polk Audio for approximately $136 million in cash. The acquisition, expected to take place in Q3 2006, will retain current Polk management, including Polk co-founders Matthew Polk and George Klopfer, on the Directed team. The combined net sales of the two companies would have reached $435 million from June 2005 to June 2006, with Polk contributing $82 million to that amount. Jim Minarik, president and CEO of Directed forecast, “The acquisition of Polk, with its leading consumer brand, complements our current Definitive Technology product line. Having these two powerful brands under the Directed umbrella will give us the #1 position in the U.S. home speaker market according to industry data.”
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