Onkyo & Pioneer Corporation and Austrian CE specialist Aqipa have agreed an asset deal concerning the transfer of business activities - relating to the hifi and home cinema brands Pioneer, Onkyo, Integra, Teac and Esoteric - to Aqipa. The asset deal is worth roughly €140 million in revenue and applicable for all European markets.
Based on this agreement, all business activities relating to sales, marketing, after sales service, customer care, finance, spare parts and distribution for the brands Pioneer, Onkyo, Integra, Teac and Esoteric in Europe will be transferred to Aqipa with effect from October 1st, 2018.
Aqipa’s Chief Executive Officer Christian Trapl said: “we are really excited that Pioneer & Onkyo Europe and all its related brands, including Integra, Teac and Esoteric, as well as all their European employees, will be joining the Aqipa family. The brands will will continue to bring great products to market while we will deliver heightened brand awareness, together with first-class value-added distribution, sales intelligence and market-leading IT systems. I feel absolutely confident that joining forces will strengthen both Aqipa‘s market position and portfolio, as well as the distribution of Pioneer & Onkyo products.”
Also Susumu Shiotsuka, President of Pioneer & Onkyo Europe, emphasizes the benefits of this deal for all parties involved: “This agreement between Onkyo & Pioneer Corporation and Aqipa GmbH will make it possible to optimise the distribution of our products, expand sales channels and significantly strengthen the brand presence in Europe. In future, we will be able to focus on our core competencies in the areas of development, production and brand-building. Together with Aqipa, we are confident that we can deliver a new level of performance in Europe, one that will please all our customers.”