Gentex Acquisition of VOXX Automotive and Consumer Electronics Company
Gentex Corp., based in Zeeland, has announced its plan to acquire VOXX International Corp., a company from Orlando, Florida that specializes in automotive and consumer electronics. This acquisition is set to cost Gentex $196 million and is part of VOXX’s efforts to address declining sales and explore potential sale options. If approved by VOXX International shareholders, this deal is expected to close by the end of the first quarter in 2025.
Gentex, listed on Nasdaq as GNTX, currently owns almost 32% of VOXX International (Nasdaq: VOXX) and has CEO Steve Downing serving on its board of directors. The acquisition of VOXX will allow Gentex to expand its reach and strengthen its position in the market. VOXX, originally founded as Audiovox Corp. in 1960, offers technologies like the EyeLock iris biometric technology, which provides secure authentication methods with applications across automotive, aerospace, and medical sectors.
Through this deal, Gentex will also gain ownership of VOXX’s Premium Audio Co. subsidiary, known for producing vehicle and home audio systems under various renowned brands like Klipsch, Onkyo, and Pioneer. This expansion is expected to bring in revenues ranging from $350 million to $400 million for Gentex right from the beginning.
Looking ahead, Gentex is focused on developing strategic growth plans for the newly acquired business units to maximize profitability. This includes consolidating purchasing and supply chain activities, enhancing manufacturing processes, and streamlining operations to eliminate redundancies and inefficiencies. The company aims to improve the overall performance of VOXX’s existing business units within 18 to 24 months after completing the acquisition.
The acquisition process was facilitated by legal counsel from Jones Day and financial advice from Acropolis Advisors for Gentex, while VOXX received legal support from Stopol & Camelo LLP. Gentex, with its solid financial standing and strategic planning, is well-positioned to leverage the technologies and capabilities acquired through this deal to drive growth and enhance shareholder value.
VOXX International reported a decline in sales for the second quarter of its 2025 fiscal year, with a net income of nearly $1.8 million. Gentex’s acquisition of VOXX is seen as a strategic move to strengthen both companies and capitalize on the potential for growth in existing and new markets. Stay tuned for further updates as these two companies work together to unlock new opportunities and drive innovation in the automotive and consumer electronics sectors.
