Gentex Corporation Completes Acquisition of VOXX International

Gentex Corporation announced that it has closed on the strategic acquisition of VOXX International, a global supplier of automotive and consumer electronics as well as premium audio equipment. Gentex is a technology company and long-time supplier of electro-optical products for the global automotive, aerospace, fire protection and medical industries. The company is best known for automotive electronics but continues to grow its capabilities in vision systems, sensing, AI development, biometrics, home automation and other smart technologies.

Under the terms of the agreement, which was recently approved by VOXX shareholders, Gentex acquired all the issued and outstanding shares of VOXX common stock not already owned by Gentex for a purchase price of $7.50 per share. The Company expects its annual revenue to increase in the range of $325 million to $375 million as a result of the acquisition.

“VOXX brings products, capabilities and market expertise that complements our existing business lines, even beyond automotive,” said Gentex chief operations officer and chief technology officer Neil Boehm. “For instance, we’re particularly excited about utilizing VOXX’s expertise in consumer product distribution, retail sales and mass merchandising as we continue to expand our smart home product portfolio under our PLACE and HomeLink brands.”

VOXX Acquistion Will Expand Gentex’s Offerings

VOXX’s current business is comprised of products for the automotive OEM and aftermarket, as well as the consumer electronics industry. The acquisition also includes EyeLock, an iris biometric technology, and the Premium Audio Company, which provides premium audio solutions through world-renowned brands such as Klipsch, Onkyo and Integra.

“We also believe we’ll be able to apply our expertise in engineering and high-volume electronics manufacturing to various VOXX product lines, utilizing their existing automotive and consumer distribution capabilities to maximize profitability and strengthen their business units. We look forward to working closely with the VOXX team on all these great opportunities,” concluded Boehm.

VOXX International was founded as Audiovox Corporation in 1965 by John Shalam, who most recently served as chairman of the board until stepping down late last year. He led VOXX as it grew to become a worldwide leader in automotive and consumer electronics and was also active in the Consumer Technology Association (CTA). He helped establish the CTA’s Wireless Communications Division in 2001 and was inducted into the Consumer Technology Hall of Fame in 2009.

“We want to continue the legacy of VOXX Founder John Shalam,” said Gentex president & CEO Steve Downing. “He was a pioneer who united the automotive and consumer electronics industries, and Gentex is perfectly positioned to expand upon his vision.”