Klipsch Acquires Brand Name and Key Assets of Danish Speaker Company Jamo A/S
INDIANAPOLIS (February 15, 2005) - Klipsch Audio, Inc. today announced the purchase of the brand name and key assets of privately held Danish speaker company Jamo A/S. The Jamo assets will become a new wholly owned subsidiary of Klipsch Audio, Inc. and will operate under the name of Jamo International Aps. Wholly owned subsidiaries Klipsch Audio Technologies and Jamo International Aps will operate as separate companies. The acquisition of the Jamo assets assembles one of the top audio brands in Europe and the number one speaker brand in the United States under a corporate management team that has achieved seven consecutive years of double-digit sales growth.
The acquisition immediately expands the global footprint of Klipsch Audio, Inc. and improves the operational cost structure of both subsidiaries. Jamo, recognized for its technological innovation and Danish design, is a premier European speaker brand that also has significant distribution in Asia including 135 company-operated retail stores in China. Klipsch Audio Technologies is one of America's very first speaker companies-established in 1946-and ranked number one in all U.S. speaker distribution channels maintaining a 13 percent market share, according to NPD Techworld, a point-of-sale market tracking firm.
"We acquired Jamo as part of our strategy to accelerate global growth with multiple brands," said Fred Klipsch, Chairman and CEO of Klipsch Audio, Inc. "We will maximize our resources and buying power to benefit both Klipsch and Jamo. We are pleased to have such a quality, Danish brand as part of our family of products."
"The stability of Klipsch supports the continued growth of the Jamo brand," said Poul Henning Pedersen, interim managing director and director of product creation for Jamo International Aps. "Our partners will be pleased to learn that distribution stays the same and Jamo is a fully funded, independently operated company under the Klipsch Audio parent company."
Paul Jacobs, president of Klipsch Audio Technologies, will also serve as president of Jamo International Aps. Product development and design will be completely separate to maintain the distinctive character of both brands. Jamo headquarters will remain in Glyngøre, Denmark and Helge Fischer will continue to guide Jamo U.S. operations out of the Chicago office.
About Jamo International Aps
Based in Glyngøre, Denmark, Jamo designs, manufactures and markets a range of high-quality consumer speakers, electronics, control systems and accessories for retail and residential contracting distribution channels. Jamo was founded in 1968 with a focus on innovative technology and Danish design. Today, the Jamo brand is highly regarded and its products are sold in more than 80 countries. Jamo's mission is to create sound solutions that make a difference. Jamo International Aps is a wholly owned subsidiary of Klipsch Audio, Inc.