Audiovox acquires mobile video developer INViSiON Industries

Audiovox Corporation, which among its other accomplishments supplies the FLO TV Auto Entertainment hardware that integrates with Chrysler, Jeep, Dodge, and Ram vehicles, has acquired the assets of Invision Industries Inc. Invision a manufactures rear seat entertainment systems for OEMs and car dealers.  The assets were acquired by a new subsidiary of Audiovox, Invision Automotive Systems Inc (“IAS”). Audiovox said the acquisition includes Invision’s patent portfolio.

Patrick Lavelle, president and CEO of Audiovox stated, “One of the strengths of Invision and one of the elements that made them a particularly attractive acquisition was their history of strong relationships with some of the world’s leading car makers. As a result of this acquisition we believe we will enhance our position as a significant supplier to the OE market by adding increased R&D capabilities, a manufacturing facility and an established support team to augment our own OE group.”

Lavelle continued, “We expect to take full advantage of the improvements in the automotive sector that have been projected for the coming year.  This acquisition is in line with our strategy to enhance our position in existing categories and channels.  We believe this transaction will be accretive in Fiscal 2011 and along with the other exciting programs underway in the mobile sector, should contribute to increased shareholder value.”

IAS will report to Tom Malone, president of Audiovox Electronics Corp. and will continue to operate out of its existing facilities in Florida.