Altec Lansing is calling it quits as a stand alone company. The maker of portable and powered audio systems today announced in a joint press release today that they were being acquired by headset manufacturer Plantronics in a $166 million deal.
Once the acquisition is complete, Altec Lansing will become a wholly-owned subsidiary of Plantronics. They will remain headquartered in Milford, Pennsylvania. Bob Garthwaite, who has served as senior vice president of marketing and sales for Altec Lansing, will become president and CEO of Altec Lansing after closing of the agreement.
Plantronics said they were acquiring Altec because they were interested in the latter’s established market presence in portable and powered audio. They were also interested in the company’s other product lines, including their headphones and headsets.
“The combination of our expertise in voice communication and Altec Lansing’s in music entertainment enables us to meet the full audio needs of the consumer, in their personal and professional lives,” said Ken Kannappan, president and CEO, Plantronics, Inc. “We’ve been exploring audio entertainment possibilities for some time. The acquisition of Altec Lansing, with its product portfolio strength and brand reputation, dramatically accelerates those plans at a time when the technology and momentum in convergence is there for us to leverage.”
“From the beginning, we recognized that we complemented Plantronics extremely well, from both corporate and product perspectives,” said Garthwaite. “Both companies go back forty years or more in their focus on audio quality. Between us, we understand the technical needs of the professional market and the lifestyle demands of the consumer market. And when you look at the growth potential for devices like music-enabled handsets and cellular music decks, the synergies and opportunities become crystal clear.”
