HAUPPAUGE, N.Y.-Toshiba Corp. purchased newly issued shares of Audiovox Communications Corp. common stock for $5 million, giving Toshiba 5 percent of the shares outstanding, said ACC’s parent company, Audiovox Corp.
This latest purchase is a “reaffirmation of our 15-year relationship,” combining Toshiba’s technology and quality with ACC’s marketing and distribution strength, said Philip Christopher, president and chief executive officer of ACC.
ACC’s forthcoming products include its second-generation Code Division Multiple Access phone, the CDM4000.
“Future products which will feature Web-browsing capabilities, ultra-light platforms and full graphic displays are planned for later this year,” said Christopher.
