Gentex completes acquisition of VOXX International

ORLANDO, Fla. - VOXX International Corporation (NASDAQ: VOXX), a prominent manufacturer and distributor of automotive and consumer technologies, has been officially acquired by Gentex Corporation (NASDAQ: GNTX), a supplier of electro-optical products for global markets. The $5.29 billion market cap acquirer, currently trading near its 52-week low, completed the all-cash transaction at $7.50 per share on Monday after receiving overwhelming approval from VOXX stockholders at a special meeting. According to InvestingPro data, Gentex maintains a strong financial position with more cash than debt on its balance sheet.

The acquisition marks the culmination of a process that began with a definitive agreement on December 18, 2024. With all regulatory and stockholder approvals in place, and closing conditions met, the merger was completed as of April 1, 2025. Gentex, which has maintained dividend payments for 23 consecutive years, demonstrates a track record of financial stability that bodes well for the merger’s success.

Ari Shalam, Chairman of the Board of VOXX International, expressed gratitude to the employees, customers, and partners for their dedication and trust over the company’s 60-year history. He noted that the acquisition represents a transformative new chapter for VOXX, with Gentex poised to further the company’s legacy of innovation and growth.

Steve Downing, President and CEO of Gentex, echoed this sentiment, affirming the intention to continue the legacy of VOXX founder John Shalam and expand upon his vision of uniting the automotive and consumer electronics industries.

Gentex, known for its automotive electronics and a growing portfolio in smart technologies, anticipates leveraging VOXX’s consumer product distribution expertise and its brands such as EyeLock®, an iris biometric technology, and the Premium Audio Company, to enhance its smart home product offerings.

Neil Boehm, Gentex Chief Operations Officer and Chief Technology Officer, highlighted the potential for applying Gentex’s engineering and manufacturing expertise to VOXX’s product lines, aiming to maximize profitability and strengthen business units.

Following the completion of the merger, VOXX notified the Nasdaq Stock Market LLC to suspend trading and withdraw the listing of its Class A Common Stock.

The acquisition brings together VOXX’s automotive OEM, aftermarket, and consumer electronics products with Gentex’s capabilities in vision systems, sensing, AI development, and other technologies, setting the stage for potential growth and innovation in their respective markets.

This news is based on a press release statement from VOXX International Corporation.

In other recent news, Gentex Corporation reported disappointing financial results for the fourth quarter of 2024, missing both earnings per share (EPS) and revenue forecasts. The company announced an EPS of $0.39, falling short of the projected $0.49, and reported revenues of $541.6 million, which was below the anticipated $604.6 million. This performance was attributed to a challenging market environment, including a decline in light vehicle production, which led to an 8% year-over-year revenue decrease for the quarter. Despite these setbacks, Gentex achieved its highest annual sales in history, with full-year 2024 net sales reaching $2.31 billion, a slight 1% increase from the previous year.

Meanwhile, UBS analysts have highlighted potential challenges for the US automotive industry due to newly imposed 25% tariffs on imported autos and parts. Tesla and Rivian might be in a better position compared to their peers, as their production is based in the US, though not all components are domestically sourced. UBS also outlined various tariff scenarios that could significantly impact industry earnings if companies do not mitigate costs through price adjustments or volume reductions.

The analysis by UBS suggests that companies like Gentex, BorgWarner, and Dana could manage better under certain conditions, while others like Lear Corporation and Magna International might face more challenges. The firm emphasizes that managing increased costs through pricing strategies and volume adjustments will be crucial for companies in the sector. These recent developments present a complex scenario for the US auto industry as it navigates the immediate impact of tariffs and plans for potential strategic adjustments in the future.

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