Klipsch Audio Technologies Acquires Mondial Designs Ltd.

16-Feb-01

Klipsch Audio Technologies announced it has purchased selected assets of privately held Mondial Designs Ltd. for an undisclosed cash amount, and hired Mondial co-founder Paul Rosenberg, Chief Engineer Adam Gershon and Senior Engineer Michael Kusiak. Dobbs Ferry, New York-based Mondial manufactures and markets the Acurus and Aragon brands of high-end amplifiers, preamplifiers and processors. The acquisition enables Klipsch to rapidly move into the realm of digital loudspeakers as well as the ability to offer a total solutions approach to digital audio.In August, the former Klipsch, LLC officially changed its public name to Klipsch Audio Technologies at the same time that CEO Fred Klipsch announced the company is establishing a new Indianapolis, Indiana-based worldwide headquarters and Engineering and Technology Center. According to Mr. Klipsch, the company is focused on developing and utilizing proprietary technologies, and the new name better reflects this direction. The acquisition of Mondial and its brands, as well as the incorporation of key personnel gives Klipsch a significant research and development boost.As the number one loudspeaker brand in the U.S. specialty market with a growing international presence, Klipsch manufactures and markets premium audio and home theatre loudspeaker systems that follow the companyís ""Best Of Class"" market strategy. Paul Jacobs, COO of the Klipsch Worldwide Products Group, said that the Mondial acquisition increases Klipschís ""share of house"" and strengthens its position as a global premium products supplier.""Currently, our core business is manufacturing and marketing premium loudspeakers that offer consumers dynamic, involving performance,"" Jacobs said. ""We are aggressively seeking new ways to enhance the Klipsch sound experience by developing perfectly matched, complete solutions. The expertise gained by hiring Mondialís Paul Rosenberg, Adam Gershon and Michael Kusiak and entering the electronics business with the Acurus and Aragon brands will go a long way in achieving that.""Rosenberg believes Mondialís no compromise, high-end reputation and independent retail distribution match well with Klipschís 55-year history of producing high quality loudspeakers and its well-defined distribution through specialty retail channels.""In order to continue delivering the sophisticated, high-end products people have come to expect from us, we had to find some stability,"" Rosenberg said. ""The consumer electronics business has changed and continues to change so much that itís difficult to maintain profit margins and even more difficult to introduce revolutionary products amidst rapid shifts in the market. Klipsch ownership allows us the solid financial backing needed to move into the new economy with confidence. And the progressive, discovery environment theyíre creating with the new Engineering and Technology Center in Indianapolis is perfect for future Acurus and Aragon development.""For more information about Klipsch, visit www.klipsch.com.

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