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, it announced Monday, but the company will continue to operate in the automotive space. “While the business is growing, it would require significant working capital on our end and we believe now is the right time to sell,” said Voxx CEO Pat Lavelle. Voxx will retain its OEM business that’s not part of the transaction through VoxxHirschmann Corp., it said, and it will continue its automotive aftermarket business through proprietary brands and third-party distribution agreements. Continuing operations include rear-seat infotainment, satellite radio products, telematics, car security and remote start systems, remote start modules, app-based vehicle security, keyless entry products and the eFob phone-as-a-key technology, Voxx said. Businesses that will be sold in the sale to TE Connectivity are Hirschmann's antenna, smart antenna, multi-digital tuner and commercial asset tracking unit. Under the agreement, Voxx will phase out the VoxxHirschmann name over two years. "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 business, saying combining Hirschmann's antenna technology with TE's sensing and connecting capabilities will give the company an end-to-end data connectivity solution. The deal, subject to customary approvals, is to close Aug. 31. Voxx shares closed up Monday 11.5 percent to $8.75.