Whistler Corporation to Acquire HSN Marketing
Second Major Acquisition in Line with Whistler Expansion Plans
CHELMSFORD, Mass., Jan. 8 /PRNewswire/ -- Whistler Corporation, the privately-held maker of radar-laser detection products and auto security systems, announced today that it has reached an agreement in principle to acquire HSN Marketing. A privately hold company headquartered in Boonton, NJ, HSN Marketing is the leader in the fast growing power inverter category of the automotive aftermarket, and the supplier of "Power To Go" brand automotive products and accessories. The HSN products include power inverters, portable power stations, in-car appliances, air compressors and other 12 volt accessories. The purchase price was not disclosed and the transaction is expected to be completed in February of 1997. Terms of the agreement were not released.
"The acquisition of HSN Marketing represents the second major acquisition by Whistler Corporation over the past two months. The move is consistent with Whistler's business strategy and reflects the company's plan to aggressively grow and diversify our operations," said Whistler President and CEO, Michael Burnell.
"The collaboration of Whistler and HSN Marketing will result in tremendous growth for the new company and further solidifies Whistler's position as an innovative market leader in the automotive industry," notes Burnell.
"With its bold acquisition strategy, Whistler has shown it fully understands the potential gains to be made in the automotive aftermarket," comments Steve Levine, President and CEO of HSN Marketing. "The integration of HSN Marketing's products with the Whistler brand name and distribution strength represents a great growth opportunity. HSN brings to Whistler aggressive product development and sourcing while Whistler offers HSN extensive distribution and significant financial resources. The complementary nature of Whistler and HSN products will produce a highly successful venture."
Whistler and HSN management teams are working closely together to ensure a smooth transition and to maximize business opportunities. Current management and sales forces from the two companies will remain intact. Each sales organization will continue to service its current accounts with a goal towards maintaining overall product flow and level of service.
Headquartered in Chelmsford, MA, Whistler designs, manufactures and markets high-performance radar-laser detectors, automobile security and convenience systems, and other automotive aftermarket products. Whistler recently reached an agreement to acquire the Garage-Related Products Unit of The Stanley Works (NYSE: SWK), which produces garage doors and openers, gate openers and other related electronic systems.
About HSN Marketing
Headquartered in Boonton, NJ, HSN Marketing supplies power inverters, portable power stations, in-car appliances, air compressors, 12 volt spotlights, and other 12 volt products. The business was founded by Steve and Ned Levine, who will continue to he actively involved in its management after the transaction is completed.
NOTE: Please Visit Whistler's Booth at the Consumer Electronics Show, January 9-12th in Las Vegas. Booth #16457 in the Sands Convention Center.
SOURCE Whistler Corporation
/CONTACT: Karen McVeigh of Whistler Corp., 508-244-1400 ext. 499, or Catherine Riedel of Harpell/Martins PR, 508-371-151O ext. 25 or firstname.lastname@example.org/
CO: Whistler Corporation; HSN Marketing; The Stanley Works ST: Massachusetts, Nevada, New Jersey IN: CPR SU: TNM
PD-SB -- NEW031 -- 8706 01/08/97 14:23 EST http://www.prnewswire.com
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|Date:||Jan 8, 1997|
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