Harman International Industries, Inc Agrees to Acquire AMX LLC for US$365 Million

AUTHOR: HiddenWires

Harman International Industries, Incorporated (NYSE:HAR), the premier infotainment and audio group, today announced it has signed an agre...

Harman International Industries, Incorporated (NYSE:HAR), the premier infotainment and audio group, today announced it has signed an agreement with The Duchossois Group, Inc. and its affiliates to acquire AMX LLC for US$365 million. AMX is the leading provider of enterprise control and automation systems and audio and video switching and distributing solutions. The transaction is subject to customary closing conditions, including applicable regulatory approvals. "HARMAN is the leader in smart connectivity. Our vision is to extend our reach beyond the car into the enterprise, where we already have a substantial audio presence,” said Dinesh C. Paliwal, Chairman, President and CEO of HARMAN. “AMX is the global technology leader in enterprise control and automation as well as audio and video switching and distribution. With the addition of AMX, HARMAN will be uniquely positioned to provide complete audio, video, lighting and automation solutions to our customers globally.” Founded in 1982 and headquartered in Richardson, Texas, 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. “Starting with the acquisition of Martin lighting last year, HARMAN has set forth a clear strategy to add visual solutions to our legacy of audio offerings" said Blake Augsburger, President, HARMAN Professional division. "AMX's strong portfolio of video distribution hardware and software is a significant step into the video domain, reinforcing HARMAN's commitment to expand our professional portfolio with industry-leading technologies and brands in adjacent and complementary markets.” “HARMAN is a world-class company, and this transaction will provide additional opportunities to grow the AMX business,” said Robert L. Fealy, President and Chief Operating Officer, the Duchossois Group, and Chairman of AMX. “The sale to HARMAN fulfills one of our fundamental objectives, which was to position this business with a leading entity that will take AMX to an even higher level of performance and success.” AMX will be integrated into HARMAN’s Professional division, a leading professional audio and lighting business, featuring legendary brands like AKG® Acoustics, BSS Audio®, Crown® amplifiers, dbx®, JBL® Professional, Lexicon®, Soundcraft®, Studer® and Martin ® lighting. 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. www.harman.com www.amx.com