23-423: McIntosh Group (formerly Fine Sounds Group ) is an American holding company specializing in audio equipment and owns the brands McIntosh Laboratory , Sonus Faber , Fine Sounds Americas, Sumiko Phono Cartridges, Fine Sounds BeneLux, and Fine Sounds U.K. They also have a Sonus Faber partnership with Maserati and a McIntosh audio partnership with Jeep . The Fine Sounds Group project took shape in 2007, when
46-607: A management buyout of Fine Sounds Group in partnership with LBO France and Yarpa, including a relocation of the Headquarters from Milan to New York. On 10 August 2016, Fine Sounds Group was officially renamed McIntosh Group. Effective 31 December 2016, Mauro Grange stepped down as Co-CEO of McIntosh Group. Charlie Randall stepped-in as the CEO of McIntosh Group. In July 2017 McIntosh Group appointed Jeff Poggi to co-Chief Executive Officer and Board member. In September 2020, Audio Research left
69-482: A new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which is then known as a " wholly owned subsidiary ". Corporations Act 2001 [REDACTED] [REDACTED] The Corporations Act 2001 is an Act of the Parliament of Australia , which sets out
92-513: A parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by the Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or
115-499: Is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own stock of other companies to form a corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for
138-624: Is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After the financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were
161-471: Is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In the United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of
184-476: The broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which
207-442: The shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses the term parent holding company . Holding companies can be subsidiaries in a tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In
230-723: The Commonwealth, all changes to the Act must be referred to the Ministerial Council for Corporations (MINCO) for approval. The co-operative scheme has come under pressure in recent times as the Commonwealth Government has sought to rely on the corporations power to legislate for its industrial relations reform agenda. This has led to some Labor states threatening to withdraw from the Corporations Agreement. The Act
253-551: The McIntosh Group when Audio Research was sold to its former North American Sales Manager, Trent Suggs. In June 2022, McIntosh group was acquired by Dallas based equity firm, Highlander Partners, as part of their investment portfolio. On November 19, 2024, Highlander Partners announced the sale of McIntosh Group to Bose Corporation . This Italian corporation or company article is a stub . You can help Misplaced Pages by expanding it . Holding company A holding company
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#1732855920282276-502: The United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of the stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay
299-419: The asset management company Quadrivio SGR – main shareholder of the group – acquired the brand Sonus Faber , an Italian company specializing in high-end loudspeakers. In 2009 Mauro Grange joined the group as CEO of Sonus Faber. The "buy and build" strategy carried on by Quadrivio resulted in the acquisition of Audio Research in 2008, Sumiko in 2010, Wadia in 2011 and McIntosh Laboratory in 2012, which constitute
322-431: The firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become a tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give
345-458: The first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for the allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship
368-605: The five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958 the number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed
391-455: The following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of a parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes
414-548: The formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising. Australian corporate law was the subject of a successful legal challenge in the High Court of Australia in New South Wales v Commonwealth (1990) ('The Corporations Act Case'). In that case, the Commonwealth was found to have insufficient power to legislate in relation to
437-590: The formation of companies. Section 51(xx) of the Australian Constitution was found to provide sufficient power for legislation applicable only to foreign corporations and corporations already formed within the Commonwealth. This decision led to the creation of a co-operative scheme, involving a referral of power from the Australian states . Under the Corporations Agreement between the states and
460-526: The holdings of Fine Sounds Group. Through the acquisition of these brands, Fine Sounds Group became a relevant holding company in the sector of high-end audio, with €50 million sales in 2011. The holding company took part in an official event as one unique family for the first time in 2013, with the participation in the Munich High-end Show. On 9 May 2014, Mauro Grange and Charlie Randall, president of McIntosh Laboratory, Inc., announced their plans for
483-577: The laws dealing with business entities in Australia. The company is the Act's primary focus, but other entities, such as partnerships and managed investment schemes, are also regulated. The Act is the foundational basis of Australian corporate law , with every Australian state having adopted the Act as required by the Australian Constitution . The Act is the principal legislation regulating companies in Australia. It regulates matters such as
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#1732855920282506-491: The usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called
529-465: Was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as a matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of
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