Onkyo & Pioneer Corporation has announced an agreement with consumer electronics distributor Aqipa GmbH, with the latter taking on the business activities relating to the hifi and home cinema brands Pioneer, Onkyo, Integra, Teac and Esoteric.
The asset deal is worth roughly €140 million in revenue and applicable for all European markets.
Based on this agreement, all business activities relating to sales, marketing, after sales service, customer care, finance, spare parts and distribution for the brands Pioneer, Onkyo, Integra, Teac and Esoteric in Europe will be transferred to Aqipa with effect from October 1, 2018.
Aqipa chief executive officer Christian Trapl announced the agreement on June 22 at their headquarters in Kundl, Austria. He said: “We are really excited that Pioneer & Onkyo Europe and all its related brands, including Integra, Teac and Esoteric, as well as all their European employees, will be joining the Aqipa family.
“The brands will continue to bring great products to market while we will deliver heightened brand awareness, together with first-class value-added distribution, sales intelligence and market-leading IT systems. I feel absolutely confident that joining forces will strengthen both Aqipa‘s market position and portfolio, as well as the distribution of Pioneer & Onkyo products.”
Pioneer & Onkyo Europe president Susumu Shiotsuka added: “This agreement between Onkyo & Pioneer Corporation and Aqipa GmbH will make it possible to optimise the distribution of our products, expand sales channels and significantly strengthen the brand presence in Europe.
“In future, we will be able to focus on our core competencies in the areas of development, production and brand-building. Together with Aqipa, we are confident that we can deliver a new level of performance in Europe, one that will please all our customers.”