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Unedited press release follows:
Onkyo Corporation Announces Strategic Alliance with TEAC
01/26/12 – Osaka, Japan, January 20, 2012 — As part of its corporate goal to enhance shareholder value and meet the demands of a changing marketplace, Onkyo Corporation, a worldwide leader in consumer audio, today announced a strategic alliance with TEAC Corporation, a global electronics manufacturer. The alliance between Onkyo and TEAC is particularly synergistic in that both companies share a commitment to excellence and a passion for engineering, designing, manufacturing and marketing products that deliver high value and exceed customer’s expectations.
Through this strategic alliance Onkyo and TEAC will acquire shares of each other’s stock. The companies are exploring ways to share manufacturing facilities, logistic centers and research & development resources. Onkyo President, Munenori Otsuki, stated that the alliance with TEAC offers unique opportunities to both companies to leverage each other’s considerable strengths to provide innovative life changing products to its customers. TEAC President, Yuji Hanabusa stated that strategic alliance of Onkyo and TEAC will make both companies more competitive in an ever changing market.
Since 1946 Onkyo has been passionately committed to developing audio products that deliver uncommon performance, quality and value. Bundling proprietary technologies and innovations with other sound-enhancing exclusives, Onkyo continues to created award winning products that are lauded by many of the industry leading audio publications. The company’s philosophy is to deliver products that are superbly designed and built to a consistently outstanding standard of excellence. The results can be seen in the obviously high quality of any Onkyo-manufactured product, even before it is turned on.
Since its inception in 1953, the guiding principle of TEAC Corporation through its TEAC, TASCAM and Esoteric brands has been to enrich society through innovative products. TEAC’s goal has been to increase the productivity of customers through various products by manufacturing high quality recording products. Over the past fifty years, TEAC has been committed to the creation, production and introduction of many innovative products incorporating advanced research, design and production technologies. TEAC’s corporate culture of “respect creativity and honesty”, demonstrates the Company’s ability to contribute to the enjoyment and productivity of millions of customers worldwide.