Acquisition of the aftermarket vehicle remote start and security systems
In July 2020, VOXX’s subsidiary VOXX DEI, announced it acquired the aftermarket vehicle remote start and security systems and connected car solutions businesses of Directed. This acquisition cost VOXX $11.0 million dollars. Furthermore, this purchase includes the inventory, accounts receivable, IT systems, and intellectual property. Additionally, Directed was Voxx’s main competitor in the North American market. This acquisition will expand its distribution network and increase its assets it can offer its customers. Pat Lavelle, the President and Chief Executive Officer of Voxx, claims that this acquisition will pay for itself after the sale of inventory and collections.
New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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