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VTech buy Pioneer's manufacturing facility in Malaysia
Electronics manufacturer, VTech, says that 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 back in May 2018. The aim of this transaction is to strengthen VTech Contract Manufacturing Services' position as a 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 company writes in a press release.
The transaction was completed on 20 August 2018. The total consideration amounts to approximately USD 21.1 million and it was funded through internal resources.