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HARMAN Completes Acquisition of AMX

Companies mentioned in this article: Harman International Industries, Incorporated

STAMFORD, Conn. -- (BUSINESS WIRE) -- HARMAN International Industries, Incorporated (NYSE:HAR), the premier infotainment and audio group, today announced the successful completion of its acquisition of AMX LLC, from The Duchossois Group, Inc. for $365 million. Richardson, Texas-based AMX is the leading provider of enterprise control and automation systems as well as audio/video switching and distributing solutions and will be integrated into HARMAN’s professional offerings servicing audio, video and IT professionals.

"The addition of AMX to our family of brands is consistent with HARMAN’s strategy to diversify our portfolio, including technologies that further the integration and automation of audio, video, and lighting products into comprehensive system solutions,” said Dinesh C. Paliwal, Chairman, President and CEO of HARMAN. “Today’s acquisition will extend HARMAN’s service of the enterprise where our strength in audio, lighting and control will serve as a platform for integration, innovation and growth.”

Founded in 1982 AMX’s hardware and proprietary software solutions simplify the way people interact with technology and are implemented worldwide throughout a variety of enterprises and venues such as conference rooms, hotels, classrooms, network operation / command centers, entertainment venues and broadcast facilities. AMX employs more than 600 people across its operations in 19 locations worldwide.

“From the addition of Martin lighting and Duran Audio in 2013 to the completion of the AMX acquisition today, HARMAN Professional is aggressively pursuing opportunities to provide customers and partners with systems solutions that advance the integration and application of AV technology in the enterprise,” said Blake Augsburger, President, HARMAN Professional division. “The completion of this acquisition expands HARMAN’s preeminent role on stage and in the studio to the enterprise as a leading supplier of turnkey AV solutions “

AMX products and operations will be integrated into HARMAN’s Professional division, the professional audio and lighting unit of HARMAN, featuring legendary brands like AKG®, BSS Audio®, Crown® amplifiers, dbx®, JBL® Professional, Lexicon®, Soundcraft®, Studer® and Martin® lighting. As with other product brands in the HARMAN Professional portfolio, it will be referred to as AMX by HARMAN. HARMAN’s Professional division designs, manufactures and markets leading professional audio and lighting products for recording and broadcast, musicians, cinema, touring sound, commercial applications like airports, stadiums, hotels and concert halls. HARMAN systems are installed in world-renowned entertainment and hospitality complexes, transportation centers, and cultural and academic institutions around the globe.

About HARMAN

HARMAN (NYSE:HAR) designs and manufactures infotainment and audio solutions for the automotive market as well as a wide range of audio products and systems for consumers. Additionally, the Company’s suite of audio, visual and automation solutions serve the needs of professional entertainers, performance venues and enterprise customers around the world. Backed by a portfolio of 15 leading audio brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon® and Mark Levinson®, HARMAN is admired by audiophiles across multiple generations, and more than 25 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of 15,200 people across the Americas, Europe, and Asia and reported sales of $5.1 billion for the last twelve months ended March 31, 2014. Learn more at www.harman.com.

Forward Looking Statements

Statements in this release that are not strictly historical, including statements regarding the acquisition and any other statements regarding events or developments that HARMAN believes or anticipates will or may occur in the future, may be “forward-looking” statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and investors should not place undue reliance on any such forward-looking statements. These factors include, among other things: general economic conditions and conditions affecting the industry in which AMX operates; HARMAN’s ability to successfully integrate AMX’s operations and employees with HARMAN’s existing business; and the ability to realize anticipated growth, synergies and cost savings. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in HARMAN’s SEC filings, including the Company’s most recent Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.

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© 2014 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.


Copyright © Business Wire 2014
Contact:

HARMAN International Industries, Incorporated
Darrin Shewchuk, 203-328-3834
Director, Corporate Communications
darrin.shewchuk@harman.com
or
Brand Definition
Daniel O’Connell, 212-660-2555 x12
Daniel@brand-definition.com