Onkyo

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Onkyo Corporation
オンキヨー株式会社
Native name
オンキヨー株式会社
Romanized name
Onkyō Kabushiki-gaisha
Type Public KK
JASDAQ:  6628
Industry Electronics
Founded Osaka, Japan September 17, 1946;74 years ago (1946-09-17) as Osaka Denki Onkyo K.K
Headquarters,
Area served
Worldwide
Key people
Munenori Ohtsuki (Chairman, Representative Director, President)
Hiroshi Nakano (Vice President, Representative Director)
Products Hi-fi and home theater Audio-Visual equipment, ICs, speaker units and related items
RevenueUS$492 million
OwnerOhtsuki family [1] (26.1%)
Pioneer Corporation [1] (13.3%)
Number of employees
1,814 (2016)
Divisions Integra Home Theater
Website onkyo.com

Onkyo Corporation (オンキヨー株式会社, Onkyō Kabushiki-gaisha) is a Japanese consumer electronics manufacturer, [2] specializing in premium home cinema and audio equipment, including AV receivers, surround sound speakers and portable devices. The word Onkyo translates as "sound resonance". On () is from Chinese pronunciation, with traditional Japanese pronunciation as Oto, meaning "the sound". Kyo () is also from Chinese pronunciation, pronounced as Hibiki (noun) or Hibiku (verb) in traditional Japanese, meaning "resound, sound, or echo". The company started under the name of Osaka Denki Onkyo K.K. in 1946 (a company not related to Nippon Denki Onkyo, which became Denon). The current Onkyo Corporation umbrella includes the Integra and Integra Research divisions as well as the main Onkyo brand.

Contents

In March 2015, Onkyo purchased Pioneer Corporation's Home Electronics Corporation, which produces home cinema amplifiers, Blu-ray players and other AV products. In return, Pioneer took a 14.95% stake in Onkyo. The Ohtsuki family remained the largest shareholders of the company with an approximately 26% stake, [1] just above Gibson Brands, with a 16.5% stake. [3]

With the bankruptcy of Gibson in 2018, Onkyo's shares held by Gibson were sold, as the company itself reported. [4]

In the summer of 2020, major US retailers Amazon and Best Buy discontinued sales of Onkyo products. A call to Onkyo USA's customer service line indicated the number is no longer in service. Distribution of Onkyo, Pioneer, Integra and Elite products has changed hands from Onkyo USA to 11 Trading Company. However, as in June 2021, Amazon has on sale Onkyo audio systems and related products, although mostly pre-2021 models

In January 2021, Onkyo announced it could no longer take direct orders from UK customers, citing new post-Brexit regulations and fees as the reason. As of June 2021, there has been no further update from Onkyo.

Onkyo acquired Pioneer's consumer electronics division in 2015; following the acquisition, both Onkyo and Pioneer A/V branded products continued to be available in the UK. However, Pioneer's consumer electronics website for the UK is no longer available. It was previously available as https://eu.pioneer-av.com//uk. The Pioneer Europe GmbH website continues to be available for EU customers. Onkyo's / Pioneer's former UK address in Ruislip is listed as permanently closed.

In May 2021, Voxx International/Sharp Corporation began negotiations with Onkyo to purchase the struggling company. On June 3, 2021, Voxx announced that they had reached an agreement. On June 25, 2021, Onkyo shareholders approved the Voxx acquisition. [5] Although the initial May 2021 announcement reported that Pioneer and Pioneer Elite would not be part of the deal, [6] Voxx announced in its final Onkyo deal on June 29, 2021, that they had entered a licensing agreement for Pioneer brands "for all markets, except China." [7]

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References

  1. 1 2 3 "ONKYO CORPORATION : Shareholders Board Members Managers and Company Profile". MarketScreener.
  2. "Our Brand". Onkyo. Archived from the original on 27 September 2016. Retrieved 25 September 2016.
  3. Andy, Clough (2 March 2015). "Pioneer completes move to become a subsidiary of Onkyo". What Hi-Fi?.
  4. Non-impact on the Onkyo Corporation by GIBSON BRANDS, INC. filing for bankruptcy procedures under Chapter 11 of the U.S. Federal Bankruptcy Code on Onkyo global, Osaka, 18 May 2018
  5. Green, Ted (25 June 2021). "End of an Era: Onkyo Shareholders Vote to Sell Off Home Entertainment Division". Strata Gee.
  6. Green, Ted (3 June 2021). "VOXX finally speaks: We have an agreement to purchase only Onkyo". Strata Gee.
  7. Green, Ted (29 June 2021). "Voxx Announces Final Deal to Acquire Onkyo, with a Twist". Strata Gee.