JVC, Kenwood to merge operations Oct. 1

AP

Victor Co. (JVC) and Kenwood Corp. said yesterday they have agreed to combine operations under a holding company that will focus on car and home audio electronics. The new entity, to be called JVC Kenwood Holdings, will aim to quadruple operating profit in three years, the two companies said in a statement. The joint holding company will be created Oct. 1. Victor and Kenwood set share swap terms for the deal to which they agreed in principle last summer. Victor holders will have the right to two shares in the new holding structure for each Victor share owned, while Kenwood investors will qualify for one share for each Kenwood share owned. 6792 (Tokyo) rose ¥20 to ¥285 ($2.76). 6765 (Tokyo) gained ¥4 to ¥133 ($1.29).