OnQ Technologies Inc.(www.onqtech.com) and Leviton Manufacturing Company (www.leviton.com) recently announced that they have agreed to the termination of their agreement under which Leviton would have acquired OnQ.
"Despite over six months of integration efforts by both OnQ and Leviton toward creating an industry leadership model, final hour details could not be reconciled," says Doug Fikse, President of OnQ Technologies. "It is disappointing for all who have been involved in the transition process, however, in the final analysis OnQ shareholder and employee interests could not be met." Fikse added "We have a tremendous amount of respect for the Levitonmanagement and transition team; together we would have been a challenging force in the structured media marketplace."
Leviton's president and CEO Harold Leviton said, "After many months of discussion and exploring integration with OnQ Technologies, we have developed admiration and respect for the OnQ staff. We do believe, however, that it is in the best interest of all parties concerned for Leviton to carry out our commitment to the residential home systems market based on the business model we have developed and refined over our many years of service to the industry."
The original announcement of the acquisition of OnQ by Leviton was on January 15, 2003 with plans to integrate the Leviton LIN and DHC lighting
products with the OnQ line of structured wiring solutions. The new organization, Leviton OnQ, was to combine the resources of both organizations in
sales and marketing, operations and manufacturing. Now OnQ Technologies Incorporated will remain OnQ Technologies Incorporated.