Zenith to Spin Off Accessories to Gemini
Zenith Electronics Corp. will sell it accessories business to Gemini Industries, according to an agreement reached in principle last week. Terms of the agreement, such as potential changes in distribution, operations, staff and financial terms were not disclosed. The deal is subject to a definitive agreement, but is expected to be complete by July.
Once complete, Gemini will acquire the assets of Zenith Accessories and will exclusively license the Zenith brand for accessories products in North America. Gemini also markets accessories with the Philips/Magnavox brand name, but a PR representative for Gemini said the company would position the Zenith and Philps branded accessories to complement each other rather than compete against each other.