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GPE and P.Audio enter joint agreement

GPE and P.Audio enter joint agreement

GPE and P.Audio enter joint agreement

Gold Peak Electronics (GPE) and ST Holdings (STH) recently entered into a shareholders' agreement to create a new joint venture that will facilitate the manufacture and export of electronics, transducers, acoustic audio products and metal accessories for speakers and speaker systems in Thailand and overseas. The new company is a 51-49 joint venture between GPE and STH, which is ultimately owned and controlled by the owners of P.Audio System.

The investment marks another significant step forward in Gold Peak’s strategy to extend its manufacturing base outside China and to build on the competitive advantages of Thailand. Under the joint venture, both Celestion and KEF, which reside beneath the Gold Peak umbrella, and P.Audio will not only pool their manufacturing facilities, equipment and tooling into the joint venture to support the growth of its electronics and acoustics businesses, but also share their technical expertise, business connections and distribution networks. The timing of this joint venture comes several months after P.Audio opened a new loudspeaker assembly plant in close proximity to its extensive Nakhon Pathom components factory to the west of Bangkok.

‘The escalating manufacturing costs in China have been inserting pressure on profitability,’ commented chairman and chief executive of Gold Peak, Victor Lo. ‘The US-China trade dispute since mid-2019 has also affected some of the group’s businesses. The formation of this joint venture is in-line with the group’s strategy to explore cooperation opportunities outside China to further expand the group’s export businesses while improving cost efficiency and further expanding its business networks. The group will continue to strengthen its competitiveness by investing in technology and new product development, further automating its factories and continuing to build its brands and distribution networks in key markets.’

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