Featured Company News – VOXX International to Sell its Car Communication Business to TE Connectivity

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for VOXX International Corp. (NASDAQ: VOXX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=VOXX. The Company, which is a leading manufacturer and supplier of automotive, consumer electronics, and premium audio products, announced on June 26, 2017, that it has entered into a definitive agreement to sell Hirschmann Car Communication GmbH and its worldwide subsidiaries to a subsidiary of TE Connectivity Ltd (NYSE: TEL). Under terms of the agreement, TE Connectivity will acquire Hirschmann for an enterprise value of €148.5 million. For immediate access to our complimentary reports, including today’s coverage, register for free now at: http://protraderdaily.com/register/.

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The Announcement

According to the announcement, VOXX International will continue to operate in the Automotive Industry and will retain its ongoing OEM business through VOXX Hirschmann Corporation, which is not part of this transaction. The Company will also resume its Automotive Aftermarket business through its proprietary brands and 3rd party distribution agreements. Under the continued operations, VOXX will resume the development of rear-seat infotainment solutions, in which VOXX is the market leader.

Under terms of the agreement, TE Connectivity will acquire Hirschmann for about $166 million (€148.5 million), where the final purchase price is subject to further net cash and working capital adjustments. Business lines that will be sold under the agreement, including Hirschmann’s antenna, smart antenna, multi-digital tuner, and commercial asset tracking business, which also encompasses multiple technologies and product portfolios. VOXX International will phase out the VOXX/Hirschmann name over a period two years.

TE Connectivity views this acquisition as a step to expand its product portfolio further and to enhance the integrated, highly engineered solutions offered for connected and autonomous vehicles worldwide. The Company finds Hirschmann’s leading Antenna technology complementary to its sensing and connecting capabilities, allowing it to expand the offerings and hence deliver customers with value-added, holistic end-to-end data connectivity solutions.

Company Portfolio

EyeLock, LLC, a majority-owned subsidiary by VOXX, which is considered a leader in advanced iris authentication for the Internet of Things, announced on May 17, 2017, that it has entered into a partnership with STANLEY Security, which is one of the world’s largest and most comprehensive security providers. EyeLock’s approach, which is considered unique, offers maximum flexibility with designs that have either onboard or host-based processing or illumination. According to the Company, EyeLock’s reference designs have working distances up to 60 cm with a false accept rate of 1 in 1.5 million for single eye authentication and a false reject rate of less than 1%.

The Company recently announced on April 6, 2017, that it has entered into a definitive purchase agreement with AAMP of America, to acquire all inventory and intellectual property, including patents and trademarks of Rosen Electronics Products. VOXX additionally announced that it would be moving all operations from the warehouse to facilities in Nevada, Virginia, and Orlando, hence integrating the Rosen products into these three points which will provide Rosen’s customers with enhanced service experience for deliveries throughout the country.

The Company plans to deliver additional details on the Hirschmann transaction in its Q1 FY18 results announcement and a corresponding conference call will be held in July 2017. Also, the transaction is expected to close by the end of August 2017.

Last Close Stock Review

At the closing bell, on Tuesday, June 27, 2017, VOXX Intl.’s stock tumbled 5.14%, ending the trading session at $8.30. A total volume of 287.67 thousand shares have exchanged hands, which was higher than the 3-month average volume of 163.03 thousand shares. The Company’s stock price skyrocketed 55.14% in the last three months, 71.13% in the past six months, and 205.15% in the previous twelve months. Moreover, the stock soared 76.60% since the start of the year. The stock is trading at a PE ratio of 45.36 and currently has a market cap of $189.99 million.

TE Connectivity’ share price finished yesterday’s trading session at $77.95, marginally declining 0.89%. A total volume of 1.09 million shares have exchanged hands. The Company’s stock price soared 3.89% in the last three months, 10.38% in the past six months, and 42.17% in the previous twelve months. Additionally, the stock surged 12.51% since the start of the year. Shares of the Company have a PE ratio of 13.73 and have a dividend yield of 2.05%. The stock currently has a market cap of $27.73 billion.

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