BINGHAMTON — McIntosh Laboratory, the maker of high-end audio equipment, has been sold to an Italian company.
Fine SoundsSpA of Milan, Italy, announced on Monday it has acquired the Binghamton manufacturer for an undisclosed sum. The Wall St. Journal, quoting unnamed sources, pegged the acquisition price at between $50 million and $100 million. It represents the third time in the past 21 years the company has gone through an ownership change.
“McIntosh will help us strategically strengthen our brand portfolio,” said Fine Sounds CEO Mauro Grange, who also made the commitment to “treasure and protect the legacy of McIntosh as well as its people and reputation.”
McIntosh has earned the reputation of building some of the highest quality and most durable audio equipment on the market.
“McIntosh is to stereos what Harley Davidson is to motorcycles,” said John Atkinson, editor of Stereophile, a magazine covering the audio industry.
Atkinson was surprised by the Fine Sound announcement, but said the move fits into a recent wave of acquisitions the company has made to add to its portfolio of high quality audio equipment.
Fine Sounds is buying McIntosh from the New Jersey based D+M Group, which also owns Denon, Marantz and Boston Acoustics. No purchase price was announced. D+M bought McIntosh in 2003 from Clarion, based in Japan.
“We are very excited to be joining hands with a partner that has a deep appreciation for our unique brand, history and company culture,” said Charles Randall, McIntosh president and CEO. Randall will continue to manage McIntosh.
Despite the ownership handovers over the past two decades, McIntosh has managed to retain its reputation for high-quality and durable gear, with a renewed effort particularly over the past eight years, Atkinson said. McIntosh products sell in the $5,000 to $15,000 range.
“When you bought McIntosh you got a high quality, made in America brand that would be supported for the lifetime of the product,” the magazine editor said.
Given Fine Sounds’ recent history, Atkinson expects the company to thrive under new ownership.
McIntosh, on Binghamton’s Southside, employs about 150 people. It does not release sales or profit figures.
Topic: BINGHAMTON — McIntosh Laboratory has been sold to an Italian company 10/8/12 (Read 3211 times)