April 12, 2011
Car Electronics business to be consolidated at
J&K Car Electronics’ Hachioji Office
JVC KENWOOD Holdings, Inc. (JVC Kenwood) hereby announces that the JVC Kenwood Group will consolidate two of its domestic Car Electronics business centers at the Hachioji Office of JVC Kenwood, the Head Office of J&K Car Electronics Corporation (J&K Car Electronics).
1. Outline of business consolidation
The Car Electronics business of the JVC Kenwood Group is common to both Victor Company of Japan, Limited (Victor) and Kenwood Corporation (Kenwood), and is expected to generate the greatest effects of management integration between JVC and Kenwood.
Consequently, since the management integration in October 2008, the JVC Kenwood Group has integrated the development, production, product planning, and marketing functions of the Car Electronics businesses of both JVC and Kenwood within J&K Car Electronics (then J&K Technologies Corp.), which was established in October 2007, aiming to make the company virtually independent and to maximize the effects of integration at an early date.
To further improve operating efficiency by consolidating business operations, the JVC Kenwood Group has decided to consolidate the technological functions of JVC Kenwood’s Maebashi Office at the Hachioji Office of JVC Kenwood, the Head Office of J&K Car Electronics.
Through this business consolidation, all of the functions of J&K Car Electronics other than sales and production, including development, production technology, product planning, and marketing, will be consolidated at the Hachioji Office, resulting in further improving the efficiency of development and other functions. This is expected to accelerate our growth strategy, for example, by enhancing the overall capabilities of both companies to develop exceptional after-market products and new OEM products.
In the future, we will aim to achieve the sustainable growth of the Car Electronics business by attaining the goals of the mid-term business plan announced in May 2010 and maximizing the effects of integration.
2. Period for relocating functions
We will begin to relocate the above-mentioned functions to the Hachioji Office at the middle of April 2011 and complete relocation by the end of May.
(Reference) History of the Car Electronics business of the JVC Kenwood Group
- Oct.1, 2007
- JVC and Kenwood established the technological development joint-venture J&K Technologies Corp. (J&K Technologies)
- Oct.1, 2008
- Development and production functions of the Car Electronics business of JVC and Kenwood were taken over by J&K Technologies through a company split. Transferred the Car Electronics business of JVC and Kenwood to J&K Technologies.
- June 24, 2009
- J&K Technologies renamed J&K Car Electronics, making J&K Car Electronics a virtually independent company engaged in the Car Electronics business.
- Oct.1, 2010
- Converted J&K Car Electronics into a company with neither a board of directors nor a board of auditors and integrated the previously dispersed functions of the company under JVC Kenwood and began actual consolidated operations.
For inquiries regarding this news release, please contact:
JVC KENWOOD Holdings, Inc.
Public & Investor Relations, Strategic Corporate Planning Division
3-12 Moriya-cho, Kanagawa-ku, Yokohama-shi, Kanagawa Prefecture 221-0022
TEL: +81-45-444-5232 FAX: +81-45-444-5239