HARMAN Signs Agreement to Acquire Entertainment Lighting Company Martin Professional
STAMFORD, Conn.--(BUSINESS WIRE)-- HARMAN, the global premium audio and infotainment group (NYS: HAR) , said today that it has reached an agreement to acquire Martin Professional A/S of Denmark, a world leading provider of lighting solutions for the entertainment, architectural, and commercial sectors, for EUR 110 million. The deal is subject to regulatory approvals and customary closing conditions, and is expected to close early in 2013.
"We look forward to welcoming the talented employees and dynamic innovations of Martin Professional to the HARMAN organization," said Dinesh C. Paliwal, Chairman, President and CEO. "This acquisition will be an excellent complement to our professional business serving all our global markets including the fast-growing BRIC nations. With the acquisition of Martin Professional, our strategy to provide system solutions to our customers will be further enhanced as we will be able to offer a full audio and lighting electronics solution for the live stage and events as well as permanent avenues and installations. We look forward to unlocking this new business potential."
"We are excited at the prospect of a strong integrated solution incorporating Martin Professional's products with HARMAN's professional audio brands and technologies," said Martin President Christian Engsted. "Our intelligent lighting solutions for touring, events, theatre and installations are a natural and perfect complement to Harman's pro audio business. Our customers expect increasingly advanced and integrated solutions and HARMAN's rich portfolio of technologies will enable us to drive new business opportunities."
Founded in 1987 and headquartered in Aarhus, Denmark, Martin Professional is a world leader in the creation of dynamic lighting solutions for the entertainment, architectural, and commercial sectors. Martin lighting solutions are industry standard on top tours and events, grace prestigious theatres, energize nightclubs, and decorate major television studios around the globe. Recent Martin lighting installations include concerts by Lady Gaga, Lenny Kravitz, and Linkin Park; special events such as the Olympics and Commonwealth Games; venues such as Wembley Arena in London; television productions such as X Factor and the MTV Music Awards, as well as numerous cinema, retail and infrastructure facilities.
Martin Professional is a wholly owned subsidiary of Aktieselskabet Schouw & Co., a holding company traded on the Nasdaq Copenhagen Stock Exchange. Martin reported revenues of approximately US$150 million in fiscal 2011 and employs over 450 people across its operations, including state-of-the-art manufacturing facilities in Denmark and the United Kingdom. Martin operates the specialty lighting industry's most complete and capable distributor network with local partners in nearly 100 countries.
HARMAN (www.harman.com) designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets — supported by 15 leading brands, including AKG, Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson. The Company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 25 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 13,900 people across the Americas, Europe and Asia, and reported net sales of $4.4 billion for the year ended June 30, 2012. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.
© 2012 HARMAN International Industries, Incorporated. All rights reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson are trademarks of HARMAN International Industries, Incorporated, registered in the United States and/or other countries. AKG is a trademark of AKG Acoustics GmbH, registered in the United States and/or other countries. Features, specifications and appearance are subject to change without notice.
KEYWORDS: United States Europe North America Denmark Connecticut
The article HARMAN Signs Agreement to Acquire Entertainment Lighting Company Martin Professional originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.