VTech Completes Acquisition of Pioneer Corporation's Manufacturing Facility in Malaysia
HONG KONG, Aug. 21, 2018 /PRNewswire/ -- VTech Holdings Limited (HKSE: 303) announced today it has completed its acquisition of a manufacturing facility in Malaysia owned by Pioneer Technology (Malaysia) Sdn. Bhd., a subsidiary of Pioneer Corporation.
The acquisition of the manufacturing facility was announced on 4 May 2018. It strengthens VTech Contract Manufacturing Services' position as a leading professional audio equipment manufacturer. Furthermore, the addition of a manufacturing site outside of mainland China strategically expands VTech's global footprint in better serving the needs of its customers.
The transaction was completed on 20 August 2018. The total consideration amounts to approximately US$21.1 million and it was funded through internal resources.
VTech is the global leader in electronic learning products from infancy through toddler and preschool and the world's largest manufacturer of cordless phones. It also provides highly sought-after contract manufacturing services. Since its establishment in 1976, VTech has been a pioneer in the electronic learning toy category. With advanced educational expertise and cutting-edge innovation, VTech products provide fun and learning to children around the world. Leveraging decades of success in cordless telephony, VTech's diverse collection of telecommunication products elevates both home and business users' experience through the latest in technology and design. As one of the world's leading electronic manufacturing service providers, VTech offers world-class, full turnkey services to customers in a number of product categories. The Group's mission is to design, manufacture and supply innovative and high quality products in a manner that minimises any impact on the environment, while creating sustainable value for its stakeholders and the community. For more information, please visit www.vtech.com.
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