Universal Electronics’ Asia Subsidiary Signs Capital Stock Sales Agreement
Sep 30, 2016
|
UEI’s sale of
Gemstar China, located in Panyu (
“This transaction is part of a worldwide manufacturing strategy that
includes investing in new facilities and equipment to grow our market
leadership position in advanced remote control and sensor technologies,”
said
Securing a buyer for Gemstar China represents an important milestone in the overall strategy, as UEI continues to scale and invest in its global operations to ensure reliable and high quality development and manufacture of customer products throughout the world.
In exchange for the sale of 100% of the capital of stock of Gemstar
The transaction is expected to be completed within approximately 28
months from the execution of the agreement. During this period, UEI will
transfer its remaining Gemstar China production at Panyu to other
UEI-owned manufacturing facilities in
About
About Guangzhou Junhao Investment
Guangzhou Junhao Investment is a wholly-owned subsidiary of
All trademarks appearing herein are the property of their respective owners.
Safe Harbor Statement
This press release contains forward-looking statements that are made
pursuant to the Safe-Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words and expressions reflecting
something other than historical fact are intended to identify
forward-looking statements. These forward-looking statements involve a
number of risks and uncertainties, including completing the diligence
review to buyer’s satisfaction and obtaining the necessary regulatory
approvals; the timely and efficient transfer of operations, equipment
and personnel as contemplated by management; the retention of
engineering and factory personnel as expected by management; achieving
the labor cost savings, operational scale and other synergies as
expected by management; and the ability of the company to attract
quality labor in the remaining locations as anticipated by management;
and other factors described in the Company’s filings with the
View source version on businesswire.com: http://www.businesswire.com/news/home/20160930005133/en/
Source:
Bob
Gold & Associates
Chris Huppertz, 310-320-2010
Chris@bobgoldpr.com
or
Universal
Electronics Inc.
Benny Canady, 714-918-9500
bcanady@uei.com