New York (July 25, 2005)–The Board of Directors of Altec Lansing Technologies, Inc. has agreed to sell the company to Plantronics. Altec’s Professional Division is included in the sale, which should be finalized in mid-August. There will be no changes in the Professional Division management team, according to Altec president Dave Merrey, and the company is proceeding the introduction of its new VIPER Digital Audio Speaker System, a CAT5E Plug & Play ceiling speaker system.
Under the terms of the agreement, Plantronics will acquire all of the capital stock of Altec Lansing for a cash purchase price in total of approximately $166 million. Following the close of the transaction, the resulting wholly-owned subsidiary of Plantronics will be called Altec Lansing Technologies, Inc.
Altec Lansing will remain in Milford, PA, functioning as a division of Plantronics. Gary Savadove, former GE Consumer Electronics executive and CEO of Labtec, joined Plantronics six months ago and is president and CEO of the Plantronics Audio Entertainment Business Group which will now incorporate Altec Lansing. Bob Garthwaite, who has served as senior vice president of marketing and sales for Altec Lansing, will become president and CEO of Altec Lansing after closing of the agreement.
Altec Lansing, with more than $100 million in revenue in calendar 2004, brings to Plantronics a range of products and a market presence in portable and powered audio. “From the beginning, we recognized that we complemented Plantronics extremely well, from both corporate and product perspectives,” said Bob Garthwaite, senior vice president of marketing and sales, Altec Lansing. “Both companies go back forty years or more in their focus on audio quality.”