Belgium-based company Premium Sound Solutions (PSS) has announced its acquisition of Blaupunkt Malaysia’s OEM activities – the latter recently ended its operations in Penang. Premium Sound Solutions develops loudspeakers and amplifiers for the automotive and consumer electronics industry.
The acquisition will see the company taking over the technology, manufacturing site and hiring of Malaysian employees to ensure a continuity of supplies to Blaupunkt’s Asian and European OEM clients.
Achiel Verheyen, CEO of Premium Sound Solutions said, “the acquisition broadens our product scope, increases our competencies, brings a strong customer base and offers a strategic improvement of our global manufacturing footprint.”
He further added, “these are important enablers for Premium Sound Solutions to achieve its growth ambition in loudspeakers and automotive electronics.” Verheyen states that with the acquisition, the company will have the opportunity to connect to a larger, global portfolio.
Blaupunkt Malaysia is currently undergoing voluntary liquidation. A subsidiary of Blaupunkt Technologies GmbH, Germany, the reason for the wind up was due to the “inability to pay its debts.” According to an earlier report, the company possesses RM52.5 million in current liabilities and RM928,159 in non-current liabilities.
In addition to that, Nippon Express, Blaupunkt Malaysia’s creditors is seeking a court order to hold Blaupunkt goods on lien. This, alongside a court directive to prevent Blaupunkt Malaysia’s liquidator from selling off the goods to third parties.
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you have to marvel how can a manufacturer get RM 52m in debt…either not paying their components supplier or something fishy at the accounting or procurement..
Another tough business even for a MNC. Blue dot business in other countries, any idea??
Con man company. From top management till low rank. All same. Stupid.