Last month it teamed up with Gibson Guitars, and today Onkyo has announced it is forming a "strategic alliance" with electronics company TEAC.
Under the terms of the deal, Onkyo and TEAC will acquire 10% of each other's shares. The two companies are "exploring ways to share manufacturing facilities, logistic centres, marketing and research and development resources".
TEAC president Yuji Hanabusa says that the alliance between the two firms will make both companies more competitive in an ever changing market.
Onkyo president Munenori Otsuki adds that the deal will enable both companies to combine their expertise to create "innovative, life-changing products for their customers".
Onkyo was founded in 1946, TEAC followed in 1953.
We're seeking further details on the deal, to clarify if it will lead to a full-blown merger, whether the two companies will continue to sell products under their own brand names, and if there will be any plant closures and redundancies.
Follow whathifi.com on Twitter