JVC, Kenwood to set up joint holding company


AP

TOKYO — Home electronics suppliers Victor Co. of Japan and Kenwood Corp. said Monday they have agreed to set up a joint holding company effective Oct. 1. The move is the latest stage of a long-running merger plan that underscores the pressure for consolidation as competition intensifies among Japan’s crowded field of small to mid-size consumer device makers.

In a statement, Victor, best known for its JVC brand of home electronics goods, and Kenwood, famous for its car audio systems, set share swap terms for the merger, first agreed in principle last summer. The new company will be called JVC Kenwood Holdings.