Contact Holdings acquires TVonics

TVonics has been producing Digital TV receivers and recorders that are mainly sold UK retailers. The acquisition is expected to offer a better response strategy to opportunities that the growing market for Digital TV switchover and transition to HDTV in the UK and throughout Europe offers. Contact Holding will continue to manufacture and distribute TVonics products to their existing retailer base. However, this will be expanded to serve the high demand for High Definition TV reception for networks across Europe and the UK. Paul Fellows of TVonics said that “With the financial strength of the Contact Group behind us, we can now invest in enhancing our existing products and commencing the development of a new generation of High Definition MPEG-4 based Digital TV products. We are recognised in the UK market for offering easy to use, energy efficient and reliable digital TV receivers and recorders. Now we can look forward to offering these core brand values to TV viewers across Europe.” Contact Holdings commented “The acquisition of TVonics represents an exciting development in the growth of Contact Holdings. We are delighted to be able to apply our supply chain expertise and financial strength to extend what has already been a great UK success story. We are committed to make TVonics a leading European supplier of quality consumer electronic products.”