Harman acquires Martin Professional
Harman has announced that it has reached an agreement to acquired Martin Professional for €110m.
The deal is still subject to regulatory approval and is expected to be concluded in early 2013.“We look forward to welcoming the talented employees and dynamic innovations of Martin Professional to the HARMAN organisation,” 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.”