ZEELAND, MI – Automotive electronics manufacturer Gentex has announced the acquisition of all remaining shares of Voxx International for around $120 million.

Gentex's previously held around 30% of Voxx's shares, and agreed to the acquisition rest of the company's shares at $7.50 per share in an all-cash transaction. The acquisition of Voxx will result in an increase in annual revenue of $350 million to $400 million per year, Gentex said in a release.

Voxx produces automotive and consumer electronics, supplying in-vehicle entertainment and security systems to the automotive industry and consumer audio systems under the Klipsch, Onkyo and Integra brands.

Gentex said the transaction will give it full access to Voxx's biometric technology, which will provide further product applications into the automotive, aerospace and medical markets, as well as provide its expertise in high volume manufacturing to Voxx's audion electronics team to help continue its expansion in the consumer technology and connected home space.

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