After filing for bankruptcy in May 2022, Onkyo is coming back under the joint ownership of Sharp and Premium Audio Company (PAC), a subsidiary of VOXX.
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Onkyo’s failed deal of $73 million with Sound United in 2019 seems the likely catalyst to the bankruptcy. Even when the company tried to go on a smaller scale to keep its decades-long business, things didn’t work out well.
But soon after, in September 2021, Sharp and Premium Audio Company bought the stock and assets from the company.
On 16 May 2022, two days after the bankruptcy, leading to liabilities of ¥3.1 billion or $24 million, President and CEO of Premium Audio Company, Paul Jacobs posted a response, including the announcement of distribution of Onkyo, Pioneer, Pioneer Elite, Integra, Klipsch, Esoteric, Teac and other products of revered brands.
Paul Jacobs said, “Demand for Onkyo and Integra products is very high, and we expect this to intensify in the coming years. We have been working very closely with Sharp to ramp up production.”
To further clarify, the response states that PAC is responsible for product development, marketing, engineering, distribution, sales, and all the intellectual property of Onkyo’s home entertainment business.
On the other side, Sharp has been handling the manufacturing of Integra and Onkyo amplifiers, AV and stereo receiver ranges, and hi-fi parts.
The Japanese consumer electronics company has been in business since 1946. Their Integrated Stereo Amplifier A-9010 is one of their most well-known products. However, they couldn’t keep up with the ever-changing consumer demand, especially the shift towards smartphones and streaming services of today.
Regarding this, Paul Jacobs says, “We look forward to another 75+ years of creating industry-leading products, profitability for our partners, and connecting people to their passion for entertainment.”
Along with the joint venture between Sharp and Premium Audio Company, they also secured a distribution and licensing agreement with Pioneer Corporation.
Sales of these brands have been channeling in the US through 11TC. Thanks to that, the revenues went from $13.7 million in 2021 to $59.4 million in 2022.
The 11 Trading Company, or 11TC, also turned into the exclusive distributors of Esoteric and Teac products from April 2021. Starting this autumn, the distribution of Onkyo, Pioneer, and other brand products will begin in Europe, Africa, and the Middle East.
Slava is a man of mystery and no-one seems to know exactly where he is at any point in time. When he isn't enjoying writing about all things audio and technical he can be found researching his next project of interest. The man never rests.
This post was last updated on 2023-03-20 / Some images from Amazon Product API & some links may be affiliate links which may earn us a commission from purchases.
