Voxx Buys Assets of 'Safety-Oriented' Electronics Supplier for $16.5M
Voxx bought the assets of Vehicle Safety Holding Corp. for $16.5 million, it said Monday. VSHC’s Vehicle Safety Manufacturing and Rostra Brands supply safety-oriented electronics, including turn signal switches; lighting products; obstacle-sensing, cruise control and camera systems; and specialized harnesses.…
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The acquisition brings new solutions in a “stable and growing market," along with new distribution channels and customers, said Voxx CEO Pat Lavelle. Voxx said it expects the purchase to add $28 million in annual revenue. Voxx is looking at other acquisitions to improve growth, Lavelle said. Voxx inventors frustrated with the stock’s low share price have taunted Lavelle on recent quarterly calls to sell the company’s component parts and return the cash proceeds to shareholders (see 1907110025). Shares closed 0.5 percent lower Monday at $4.28.