Voxx Divestiture of Hirschmann Proves ‘Value in Our Assets,’ Says CEO; Stock Falls
Voxx International’s $166 million sale of the Hirschmann car antenna and tuner business to TE Connectivity (see 1706260033) proves “there is value in our assets, despite our stock price,” Voxx CEO Pat Lavelle said on a Tuesday earnings call. Despite…
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Lavelle's assurances on the call that Voxx has a “clear strategy to improve profitability and unlock value,” Voxx shares plummeted 20.6 percent midday Tuesday to $7.02 before closing 17 percent lower for the day at $7.35. If the Hirschmann deal closes by Aug. 31 as Voxx forecasts, “we expect to have a clean balance sheet, cash on hand and access to capital,” said Lavelle.