It has been confirmed that the legendary Japanese brand Onyko, which filed for bankruptcy in May, will return to the European market under the joint ownership of Sharp and Premium Audio Company (PAC), a subsidiary of Voxx.
PAC has officially announced that Onkyo, along with stable mates Integra and Pioneer, will soon be available for distribution across Europe, the Middle East, and Africa, with stock available from the autumn.
Paul Jacobs, the President and Chief Executive Officer of PAC, said, "Demand for Onkyo, Integra and Pioneer products has been very high, and we expect this to intensify in the coming years. We have been working very closely with Sharp to ramp up production and have grown our business significantly since the acquisition was completed.
"We have big plans for Onkyo and the other brands, and as we build production and expand distribution, we believe sales will more than double in the near term."
Onkyo has been a fixture of the hi-fi scene since 1946, making its name with classic hi-fi separates and later AV receivers. The company includes its premium sub-brand Integra, introduced in 1969, and Pioneer, which it purchased in 2015. While products such as the A-9010 successfully continued the company's legacy, in recent years it struggled to meet shifting consumer demand.
The first indication that all was not rosy came in 2019 when Onkyo tried and failed to sell its audio business to Sound United – the owner of Denon and Marantz – for a reported $73m (approx £53m, AU$95m). The company subsequently tried to keep doing business on a smaller scale but couldn't stop its worsening cash flow problems.
In September 2021, Onkyo sold its core home AV business to Sharp and the US-based Voxx International and its earphones and headphones business to an investment fund. The joint venture saw Sharp, which has been producing some Onkyo products since 2017, take over manufacturing and supply chain management of AVRs, amplifiers and hi-fi separates, while PAC manages all product development, engineering, sales, marketing and distribution.
Although Onkyo later filed for voluntary bankruptcy this did not include the assets that were previously purchased by PAC and Sharp and the company's new ownership had been widely expected to ensure that the Onkyo name would live on. In 2022 sales of Onkyo, Pioneer and Integra products through US distributor 11TC grew from $13.7 million in revenue in 2021 to $59.4 million.
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