Gentex Corporation (NASDAQ: GNTX) has recently closed the strategic acquisition of Voxx International, a global supplier of automotive and consumer electronics as well as premium audio equipment. Gentex paid a purchase price of $7.50 per share to acquire all the issued and outstanding shares of Voxx common stock not already owned by Gentex. As a result of this acquisition, Gentex expects its annual revenue to increase in the range of $325 million to $375 million.
Voxx International, which was founded as Audiovox Corporation in 1965, brings to Gentex its expertise in consumer product distribution, retail sales, and mass merchandising. Additionally, the acquisition includes Eyelock®, an iris biometric technology, and the premium audio company that provides premium audio solutions through brands such as Klipsch®, Onkyo®, and Integra®.
Gentex Chief Operations Officer and Chief Technology Officer Neil Boehm expressed excitement about utilizing Voxx's expertise and expanding their smart home product portfolio under the Place® and Homelink® brands. Gentex also aims to apply its engineering and high-volume electronics manufacturing expertise to various Voxx product lines to maximize profitability and strengthen their business units.
Gentex President & CEO Steve Downing emphasized the company's intention to continue the legacy of Voxx founder John Shalam, noting that Gentex is perfectly positioned to expand upon his vision of uniting the automotive and consumer electronics industries.
This strategic acquisition underscores Gentex's focus on expanding its capabilities in vision systems, sensing, AI development, biometrics, home automation, and other smart technologies, beyond its well-known automotive electronics business line. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $23.34. Check out the company's full 8-K submission here.
