Audiovox signs definitive agreement to purchase Klipsch
, a Hauppauge-based mobile and consumer electronics marketer, announced Thursday it has entered a definitive agreement to acquire Klipsch and its subsidiaries.
Audiovox will pay $166 million, under certain contingencies and adjustments, to acquire the Indiana-based audio solutions company. It is expected to be financed through a combination of cash and a new asset-based revolving credit facility from Wells Fargo Capital Finance. The deal is expected to close within 30 days.
Klipsch manufactures several brands of audio consumer electronics, well-known for its high end audio speakers. These brands include Klipsch, Jamo, Energy and Mirage.
Orbit receives contract from U.S. Navy worth more than $1.1 million
announced Wednesday it has receive a contract from the U.S. Navy that is expected to be worth in excess of $1.1 million.
The Hauppauge-based electronics manufacturer and software solutions provider's Electronic Group received the award to produce its MK 347 Gun Mount Control Panels, which support the Navy MK 160 Gun Computer System. The MK 347 includes custom fabricated enclosures, commercial off-the-shelf and non-development items to meet stringent U.S. Navy requirements.
"Following strong bookings for our Electronics Group in 2010, the momentum has continued into the new year. We believe these bookings will lead to increased revenue in 2011, which should result in increased profitability due to the operating leverage inherent in our business," said Mitchell Binder, acting chief executive officer, in a press statement.
Orbit expects to begin delivery of the system by the second quarter of 2011, continuing through the fourth quarter of 2011.
Globecomm awarded $2.6M Infrastructure Contract
A Hauppauge-based leader of communication services and solutions announced Tuesday it received a $2.6 million Infrastructure contract.
“Globecomm is pleased to provide the system design and integration for the ground segment’s transmission channels," said Gerald Johnson, Globecomm's vice president of the Americas, in a news release.
Under the contract, Globecomm will produce a turnkey RF electronics install for multipleTelemetry, Tracking & Control earth stations. The company is expected to begin delivery in the 2012 fiscal year, with completion by March 12, 2012.