VOXX International Corporation (VOXX) recently came restructuring business model of its wholly owned subsidiary Klipsch Holding, LLC.
VOXX is a leading company that manufactures and distributes consumer, automotive and biometrics technologies. As part of the current move the company also changed the legal name of that subsidiary to Premium Audio Company, LLC. The company made the decision to align itself with the expanding brand portfolio it has been handling currently. The decision also came on the heels of a recent agreement with Onkyo & Pioneer Corporation to distribute its brands in Americas.
The company formed two subsidiaries within Premium Audio Company, LLC (PAC) as part of those fundamental changes. One of the subsidiaries will be Klipsch Group, Inc.which will focus on the business related to the brands including Klipsch, Energy, Jamo, and ProMedia speaker. The other new formed distribution subsidiary has been named 11 Trading Company, LLC (11 TC). It will distribute brands including Onkyo, Integra, Pioneer and Pioneer Elite in Americas with exclusivity. It will also be working as distributor of Heco and Magnat brands for having distribution rights of the same.
VOXX was intending achieving the goal of avoiding brand confusion, commented Pat Lavelle, company’s President and CEO. And with restructuring of PAC, the company achieved it. Over the past year, company remained lining its worldwide operations up. And recent additions of brands like Onkyo, Integra, Pioneer and Pioneer Elite to our portfolio confirmed our actions. Paul Jacobs will remain leading the company and the smooth transition will not interrupt customer services. This year we are expecting a strong business by our premium audio category as a whole and especially all Klipsch products separately.
PAC will remain under the leadership of Paul Jacobs who will continue working as President and Chief Executive Officer of the company. Both subsidiaries will remain distributing the portfolio products in Americas including Onkyo & Pioneer’s brands while Japanese company will continue to distribute Klipsch-branded products in its home country.