Breaking News

ASUSTOR 30 TB Ironwolf Pro Now Officially Supported ASUS Announces ExpertCenter P500 SFF Lexar Launches the NM990 PCIe 5.0 SSD DJI Agras T100, T70P and T25P Launches Globally Sony Introduces the RX1R III

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

Onkyo - Sound United Business Transfer Deal Collapsed

Onkyo - Sound United Business Transfer Deal Collapsed

Consumer Electronics Oct 4,2019 0

Japanese audio equipment maker Onkyo is no longer in talks to sell its flagship home audiovisual business to American company Sound United, the company said on Friday.

On May 21, 2019 Onkyo Corp. entered into an agreement with Viper Holdings Corpo. to transfer all shares of its consolidated subsidiaries Onkyo & Pioneer Corporation, ONKYO ASIA ELECTRONICS SDN.BHD, Onkyo & Pioneer Marketing Japan Corporation, and part of the business for Pioneer & Onkyo Marketing Asia Ltd. and Onkyo (Shanghai) Trading Co., Ltd.

Onlyo on Friday sais that in mutual agreement with Viper Holdings Onkyo’s Board of Directors has resolved to terminate this Transfer.

Onkyo agreed to assign its Home AV related business to Sound United in order to focus its business resources and technology in the two areas it believes to have strongest growth potential – Digital Life portable products and OEM products and services targeting the B2B space. Onkyo’s rationale was that the combination of Onkyo’s already premium brands, engineering and manufacturing capabilities with Sound United LLC’s strong portfolio of Denon, Polk Audio, Marantz, Definitive Technology, HEOS, Classé, and Boston Acoustics would well position the new group to capture the future growth of music and entertainment in the home. The arrangement would have allowed Onkyo to continue to capture the growth of this business through future licensing royalties.

"However, the completion of the transaction was subject to several conditions, including the finalization of all definitive agreements, completion of satisfactory due diligence, securing of committed financing and various other required approvals. At this point, Onkyo and Viper Holdings have mutually agreed to terminate the Transfer based on the determination that a closing cannot be achieved by November 30, 2019, the expiration date of the agreement. Onkyo still believes in the value of combining these businesses and will remain open to future discussions should conditions change but for now Onkyo has determined that it is time for the organization to return to dedicating its attention and resources to running its Home AV business independently," Onlyo said in a statement.

Onkyo, one of Japan's oldest audio equipment makers, has suffered through five straight years of losses.

Tags: onkyoSound United
Previous Post
Paypal Leaves Facebook's Libra Association
Next Post
Acer's ConceptD Monitors for Creators Now Available in the United States

Related Posts

  • KLIPSCH’S FIRST COLLAB WITH ONKYO WINS MULTIPLE AWARDS: INTRODUCING KLIPSCH FLEXUS SOUND SYSTEM

  • Onkyo Announces New 11.2-Ch Flagship AVR and Hi-Fi Stereo Receiver

  • Sound United To Acquire Onkyo's Home Audio Division, Including Pioneer Brands

  • Pioneer Releases $500 HTP-076 Home Theater Package

  • Pioneer Introduces New Entry-level AV Receivers at CES 2019

  • CES: Onkyo Showcases new SBT-A500 Network Surround Sound System, VC-FLX1 Smart Speaker

  • Pioneer And Onkyo Join DTS Play-Fi Wireless Audio Ecosystem

  • Pioneer Competes transfer Of DJ, Home Electronics and Headphones Businesses

Latest News

ASUSTOR 30 TB Ironwolf Pro Now Officially Supported
Enterprise & IT

ASUSTOR 30 TB Ironwolf Pro Now Officially Supported

ASUS Announces ExpertCenter P500 SFF
Enterprise & IT

ASUS Announces ExpertCenter P500 SFF

Lexar Launches the NM990 PCIe 5.0 SSD
PC components

Lexar Launches the NM990 PCIe 5.0 SSD

DJI Agras T100, T70P and T25P Launches Globally
Drones

DJI Agras T100, T70P and T25P Launches Globally

Sony Introduces the RX1R III
Cameras

Sony Introduces the RX1R III

Popular Reviews

be quiet! Light Loop 360mm

be quiet! Light Loop 360mm

be quiet! Dark Mount Keyboard

be quiet! Dark Mount Keyboard

be quiet! Light Mount Keyboard

be quiet! Light Mount Keyboard

Noctua NH-D15 G2

Noctua NH-D15 G2

Soundpeats Pop Clip

Soundpeats Pop Clip

be quiet! Light Base 600 LX

be quiet! Light Base 600 LX

Crucial T705 2TB NVME White

Crucial T705 2TB NVME White

be quiet! Pure Base 501

be quiet! Pure Base 501

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed