Embarks on a New Era of ‘Transformation’
On Monday, March 31, 2025, Voxx International Corp. held a special meeting of stockholders who voted “overwhelmingly” in favor of the final closing of its acquisition by auto parts maker Gentex. According to an announcement by the company, “With all regulatory and stockholder approval obtained and all closing conditions met” the transaction is now closed and Gentex now owns Voxx lock, stock, and barrel.
See more on Gentex closing the deal to acquire Voxx…
First announced on December 18, 2024, Gentex Corporation (Nasdaq: GNTX) and Voxx had entered into an agreement for a plan of merger between the two companies. Gentex offered an all-cash deal, agreeing to purchase all outstanding shares of Voxx stock (Nasdaq: VOXX) for $7.50 per share. See my report on this initial Gentex acquisition announcement which includes my initial assessment of the deal, the parties behind it, and the outlook for the Premium Audio Company audio brands – Onkyo, Integra, and Klipsch – under Gentex.
With this development, Voxx has notified the Nasdaq Stock Exchange the acquisition is complete and the market should immediately remove the listing of its stock from its exchange. Although the company had previously said it would continue to operate as Voxx under ownership by Gentex, it is now fully owned and operated by new management and how the Voxx brand continues, or if it continues as an independent entity, remains to be seen. The future is now in Gentex’s hands.
Voxx Thanks Employees, Present and Past
Voxx Chairman of the Board Ari Shalam thanked all Voxx employees, both current and past, whose “dedication, passion and tireless spirit have carried us through every challenge and triumph for more than 60 years.”
VOXX now embarks on a new era as the acquisition of VOXX by Gentex isn’t just a transaction, it’s a transformation. It’s a new beginning that opens doors to an even brighter future as Gentex brings a legacy of innovation, a commitment to quality and a vision for growth. We all believe the VOXX business, and its legacy is in great hands under the stewardship of Steve Downing and the entire Gentex family.
Ari Shalam, Voxx Int’l Chairman of the Board
Gentex Acknowledges It’s Best Known for Automotive Electronics
Gentex describes itself as a “supplier of electro-optical products for the global automotive, aerospace, fire protection and medical industries. The company is best known for automotive electronics, but continues to grow its capabilities in vision systems, sensing, AI development, biometrics, home automation, and other smart technologies.”
It is, first and foremost, an auto parts maker, and Voxx’s automotive electronics business is likely what drew Gentex to the company in the first place.
[W]e’re particularly excited about utilizing VOXX’s expertise in consumer product distribution, retail sales, and mass merchandising as we continue to expand our smart home product portfolio under our PLACE and HomeLink brands. The acquisition also includes EyeLock, an iris biometric technology, and the Premium Audio Company, which provides premium audio solutions through world-renowned brands such as Klipsch, Onkyo and Integra.”
Neil Boehm, Gentex Chief Operations Officer and Chief Technology Officer
Gentex Engineering & Manufacturing + Voxx Sales & Distribution = Success?
In announcing the closing of the deal, there was very little said by either side of the transaction that hadn’t already been said. Bottom line, Gentex believes that the combination of its engineering capabilities and manufacturing might…combined with what it perceives as Voxx’s strength in sales and distribution will “maximize profitability and strengthen their business units.”
Is Gentex over-confident and under-informed in consumer businesses? Maybe…maybe not. But as a former director on the Voxx Board of Directors, Gentex President and CEO Steve Downing should know what he’s getting himself into. He should also be very aware of the many problems the company has been struggling with in its recent past.
Will This Deal Be the Spark to Drive Shareholder Value?
So far in 2025, Gentex stock is down 18.3%. Will this Voxx acquisition be the spark to ignite growth for GNTX investors? That remains to be seen…
Learn more about Gentex by visiting gentex.com.
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