Victor Co. of Japan (JVC) and Kenwood Corp. shareholders have formally approved a plan to bring the two companies together under a holding company, according to a joint statement released today.
The move comes more than a year after a partnership between the struggling electronics manufacturers first lead to speculation of a more formal merger, and later a finalization of the agreement back in May 2008.
According to the statement, the two companies will finalize their merger on or about October 1, pending regulatory approvals, under a new entity know as JVC Kenwood Holdings. Current JVC President Kunihiko Sato is set to become President of the new holding company, Reuters reports.
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