Voxx Selling Hirschmann Antenna, Tuner Business to TE Connectivity
Voxx is selling Hirschmann Car Communication and its subsidiaries to TE Connectivity for about $166 million, Vox announced Monday. “While the business is growing, it would require significant working capital on our end,” said Voxx CEO Pat Lavelle. Continuing operations…
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include rear-seat infotainment, satellite radio products, telematics, app-based vehicle security and the eFob phone-as-a-key technology, Voxx said. Businesses that will be sold are antenna, smart antenna, multi-digital tuner and commercial asset tracking business. "Increasing data needs and new applications require active communications and increased connectivity within and outside the vehicle,” said Eric Kueppers, president, TE's global automotive. The deal, subject to approvals, is to close Aug. 31. Voxx stock closed up 11 percent Monday at $8.75.