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Audiovox to Buy Terk in Satellite Radio Move

Audiovox to Buy Terk in Satellite Radio Move

Audiovox wants to grow its share of satellite radio equipment, and plans to acquire Terk Technologies Corp. for $13.6 million plus a debt agreement based on future revenue targets. The agreement was described as preliminary.
Terk makes satellite radio antennas. It has a deal with XM Satellite to provide and develop car stereo aftermarket products, according to the Associated Press.
The companies estimate Terk will have 2004 sales of about $50 million. Audiovox posted revenue of $1.32 billion for 2003, according to the report.
The chairman of Audiovox stated, “Terk brings significant expertise in the specialized satellite radio industry, which we have identified as a fast-growth high-tech market, and we believe it will serve to strengthen our position for future growth in that segment.”