VOXX announced that the name of its subsidiary, Klipsch Holding, LLC, has been changed to Premium Audio Company, LLC, consisting of two subsidiaries: Klipsch Group, Inc., which includes the Klipsch, Jamo, Energy, and ProMedia speaker brands; and 11 Trading Company, LLC, the new distribution company with distribution rights to the Onkyo, Pioneer, Pioneer Elite, Integra, Magnat and Heco brands.
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Read more about the name-change and new distribution company below:
VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive, consumer and biometrics technologies, announced today it has changed the legal name of its wholly owned subsidiary from Klipsch Holding, LLC to Premium Audio Company, LLC. This move is a result of the Company's growing brand portfolio and recently announced distribution alliance with Onkyo & Pioneer Corporation.
Under the new structure, there will be two subsidiaries within Premium Audio Company, LLC (PAC):
- Klipsch Group, Inc. -- which includes the Klipsch, Jamo, Energy, and ProMedia speaker brands;
- 11 Trading Company, LLC (11 TC) -- the newly formed distribution company with exclusive distribution rights in the Americas to the Onkyo, Pioneer, Pioneer Elite, and Integra brands, as well as rights with respect to the Magnat and Heco brands.
Pat Lavelle, President and CEO of VOXX International Corporation stated, "Our goal was to avoid brand confusion and under the PAC umbrella, we have accomplished that. We took steps over the past year to realign our global operations, and now, with the addition of the Onkyo, Pioneer, Pioneer Elite, and Integra brands, this is a logical step. All will fall under the leadership of Paul Jacobs and the transition will be seamless for our customers. The Klipsch product portfolio and the premium audio category in its entirety, are poised for a strong year."
Paul Jacobs remains President and CEO of the Premium Audio Company, LLC subsidiary. Mr. Jacobs added, "Klipsch remains our flagship brand within our premium audio portfolio and we are expecting significant growth this year with new products coming to market and our expanded distribution. We will also be bringing to the U.S. market some of our international brands, while offering our customers and consumers a much wider assortment of high-end premium audio products. We look forward to the coming year and building our business through innovation."
As announced on July 30, 2020, Klipsch and Onkyo & Pioneer Corporation expanded their alliance to include the distribution of Onkyo, Pioneer, Pioneer Elite, and the Integra brands in the Americas. Distribution will run through a newly created subsidiary, 11 Trading Company, LLC, and will include products ranging from AV receivers to HiFi equipment, mini systems, smart speakers, turntables, sound bars, home theater systems, optical disc players and more, broadening the Company's portfolio to include a diverse mix of audio products. Onkyo & Pioneer Corporation will continue to distribute Klipsch-branded products in Japan.