Thursday, November 4, 2010
Universal Electronics Buys Remote Control Firm For $110M
Cypress, California-based Universal Electronics, a manufacturer of infrared wireless control systems for the home entertainment market, said today that it has acquired Enson Assets Limited, a Chinese firm owned by CG International Holdings Limited. The deal was worth $110M. Enson is a manufacturer of remote controls for OEMs. Ensons's customers include Sony, Panasonic, and Toshiba. Universal Electronics said the acquisition will add at least $140M to its sales and $20M in operating income in its fiscal 2011. The $110M purchase is made up of $95M in cash, plus 1.46 million shares of Universal Electronics' common stock.