Indianapolis high-end speaker maker Klipsch Group has agreed to be purchased by New York-based Audiovox Corp.
Audiovox said on Thursday it has signed a “non-binding term sheet” to acquire all of Klipsch’s shares.
The company said in its announcement that the deal is “subject to a number of contingencies.”
“The Klipsch brand is world-renowned and we believe Audiovox shareholders will benefit from the value of their unique market position, diversified customer base in home and professional channels, and their ongoing commitment to innovation,” Audiovox CEO Patrick Lavelle said in a statement.
Klipsch officials declined to comment Friday morning on the proposed deal.
Founded in 1945 by Paul Klipsch, the company has 210 employees, including 130 in Indianapolis. It has annual revenue of more than $175 million.
Klipsch’s brands include Jamo, Mirage, Energy and Athena.