Plantronics has confirmed plans to buy Altec Lansing in a $166 million cash purchase deal.
Both companies hold extensive experience in the audio industry, and the combination of the two firms is described as conjoining, “complementary strengths”.
Altec Lansing manufactures the award-winning InMotion iPod speakers.
Plantronics CEO and president Ken Kannappan said: "The combination of our expertise in voice communication and Altec Lansing's in music entertainment enables us to meet the full audio needs of the consumer, in their personal and professional lives.
“The acquisition of Altec Lansing, with its product portfolio strength and brand reputation, dramatically accelerates (our audio) plans."
Digital audio trend drives deal
He sees the deal as timely, as audio and technology industry convergence continues to accelerate.
Altec Lansing senior vice president of marketing and sales Bob Garthwaite, who will become president and CEO of the Altec Lansing division, had this to say: "Both companies go back forty years or more in their focus on audio quality. Between us, we understand the technical needs of the professional market and the lifestyle demands of the consumer market. When you look at the growth potential for devices like music-enabled handsets and cellular music decks, the opportunities become crystal clear."
"Both companies were moving toward the immense opportunity for long-cycle growth and innovation created by the unison of digital voice and music technology. Together we're much stronger and better positioned to achieve that vision,” said Kannappan.