TE Connectivity to Acquire Hirschmann Car Communication
Expands integrated, highly engineered solutions key to connected and autonomous vehicles; Brings global reach to Hirschmann’s innovations such as smart antennas and broadcast tuners.
SCHAFFHAUSEN, Switzerland – June 26, 2017 – TE Connectivity Ltd. (NYSE: TEL) (TE), a world leader in connectivity and sensors, announced today that it has entered into a definitive agreement to acquire Hirschmann Car Communication, a VOXX International Corporation (NASDAQ: VOXX) Company.
Founded in 1924, Hirschmann Car Communication is a leading provider of antennas, antenna systems and broadcast tuners for automotive and commercial vehicle applications. The company, headquartered in Germany, was acquired by VOXX in 2012.
"The acquisition further expands our product portfolio and the integrated, highly engineered solutions we provide for connected and autonomous vehicles worldwide," said Eric Kueppers, President of TE’s Global Automotive business. "Increasing data needs and new applications require active communications and increased connectivity within and outside the vehicle. Combining Hirschmann’s leading antenna technology with TE’s sensing and connecting capabilities allows us to expand our offerings, providing customers with value-add, holistic end-to-end data connectivity solutions.”
“Hirschmann Car Communication brings strong R&D and engineering capabilities in electronics and software development,” said Ludwig Geis, CEO of Hirschman Car Communication. “This, combined with TE’s global footprint and close relationship with customers, will allow us to bring highly engineered solutions that require deep application know-how to customers worldwide.”
This agreement expands TE content per vehicle and opens new growth potential that further strengthens TE's global leadership position in automotive sensing and connectivity. Hirschmann Car Communication is known for its strong engineering expertise and developing technologically advanced offerings such as antenna modules and tuners for automotive connectivity. Automotive antennas alone represent a $2 billion-plus available market opportunity, and is growing at 5 percent annually.
This agreement is subject to regulatory approvals. Upon completion of the transaction, the business will be reported as part of TE's Transportation Solutions segment.
ABOUT TE CONNECTIVITY
TE Connectivity (NYSE: TEL) is a $12 billion global technology leader. Our commitment to innovation enables advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. TE’s unmatched breadth of connectivity and sensor solutions, proven in the harshest of environments, helps build a safer, greener, smarter and more connected world. With 75,000 people – including more than 7,000 engineers – working alongside customers in nearly 150 countries, we help ensure that EVERY CONNECTION COUNTS – www.TE.com
TE Connectivity, TE, TE connectivity (logo) and EVERY CONNECTION COUNTS are trademarks of the TE Connectivity Ltd. family of companies.
ABOUT HIRSCHMANN CAR COMMUNICATION
Hirschmann Car Communication is one of the world’s leading specialists in antenna, transmitter, receiver, M2M and telematics technologies, primarily for automobile communications and connectivity. The company is a primary antenna provider to some of the world’s most notable auto manufacturers, and a leader in TV tuner applications in Europe, Middle East and Africa (EMEA). The company operates in Europe, North America and China. – www.hirschmann-car.com
This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. In addition to our future financial condition and operating results, the forward-looking statements in this release include statements addressing our ability to consummate the acquisition of Hirschmann Car Communication (the "Hirschmann Acquisition"), including the receipt of regulatory approvals; and our ability to realize projected financial impacts of and to integrate the Hirschmann Acquisition into our operations. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, the risk that the Hirschmann Acquisition may not be consummated; the risk that a regulatory approval that may be required for the Hirschmann Acquisition is not obtained or is obtained subject to conditions that are not anticipated; the risk that revenue opportunities, cost savings and other anticipated synergies from the Hirschmann Acquisition may not be fully realized or may take longer to realize than expected; the risk that Hirschmann's operations will not be successfully integrated into ours; business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive and data and devices industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2016 as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.
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TE Global Automotive
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