Business Services Industry
Hauppauge, N.Y., Consumer Electronics Maker's Bid for Florida Firm Approved.
Knight Ridder/Tribune Business News, June, 2003
By Monty Phan, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Jun. 5--Audiovox Corp., a Hauppauge-based maker of consumer electronics products, said a bankruptcy court has approved its $40 million bid for assets of Recoton Corp. of Lake Mary, Fla.
The purchase of Recoton's U.S. audio operation and German subsidiary, which includes the assumption of $5 million in debt, adds to Audiovox such brands as Jensen, Advent and Acoustic Research. Employees will remain intact at the German company, called Recoton German Holdings GmbH, which last year had sales of $70 million. The operations of Recoton's U.S. audio business will be "assimilated" into an Audiovox subsidiary, the company said, without elaborating.
Recoton, which makes...
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