Plantronics Sells Audio Speaker Unit

SANTA CRUZ, Calif. (AP) -- Plantronics Inc. said it has reached an agreement to sell its Altec Lansing business, which makes audio speakers for home theater systems, computers, iPods and other electronics, to a private equity firm for $18 million in cash excluding assumed liabilities.

The sale to Prophet Equity LP of Southlake, Texas, is expected to close by the end of the month.

Plantronics, based in Santa Cruz, Calif., said the deal will allow it to focus on its Unified Communications business, which makes cordless and corded telephone headsets.

The company also said it expects to record a charge of $13 million to $16 million excluding tax benefits related to the Altec Lansing business in the quarter that ended Sept. 26.

Shares of Plantronics fell 35 cents to $25.19 Friday morning.

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All Technical products 10/2/2009 8:58:00 PM it aint. How the mighty have fallen... Altec used to be the commercial (theater) sound branch of once mighty Western Electric after it's tube electronic monopoly was broken and while WE still owned a large number of patents. At one time, not so long ago- Altec was about as good as you could get. From the formidable A4's and A7 Voice of the Theater loudspeaker systems... to iPod speakerz? Makes one want to weep. Remember Jensen? OEM speaker maker for the console stereos and guitar amps? Maker of killer (for the time) car stereo speakers in the 70's (show of hands: 6 by 9 triaxials in the back of your Chevelle Malibu... or Chevy Vega? Unnh Huh? that's what I thought.) NOW it's another brand name that was sold to a Chinese company so they could stick it on their 39.99 CD players and 4.99 speakers on a hook in the back of Kragen and Wal-Mart stores. For Shame.

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