in International News
COPENHAGEN - Schouw & Co., parent company of Martin Professional, has entered into an agreement with the global infotainment and audio company Harman International Industries to sell Martin to Harman for EUR 110 million (currently $146 million in U.S. dollars). The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q1 2013.
More details from Martin Professional (http://www.martin.com):
COPENHAGEN - Schouw & Co., parent company of Martin Professional, has entered into an agreement with the global infotainment and audio company Harman International Industries to sell Martin to Harman. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q1 2013.
Through this new combination of two worldwide industry leaders, Harman and Martin are convinced that their comprehensive offering of audio, lighting and video solutions for the live stage and events, as well as permanent venues and installations, will provide new, exciting opportunities and will take customer satisfaction to even higher levels.
This transaction will create a One-Stop-Shop for the professional entertainment market. Adding Martin to Harman’s USD $4.4 billion organization and combining two of the largest R&D budgets in the audio and entertainment lighting industry will enable the companies to grow and improve the lighting and video product offering to the benefit of all existing and new customers.
The companies are confident that not only will they cement their respective positions in their industries, but will additionally and not least make their customers more successful by providing new, innovative and improved products, services and solutions in the future.
Blake Augsburger, Executive Vice President and President of the Harman Professional Division, is looking forward to welcoming Martin to Harman and states: “Martin product lines are an excellent complement to our professional audio business. After the transaction closes, we will be able to offer a full line-up of audio, lighting and video solutions for the live stage as well as permanent venues and installations.”
Christian Engsted, CEO of Martin Professional commented: “We very much look forward to exploring the mutual benefits this change in ownership offers and continuing to develop our business relationship with our customers and partners across the globe.”
Martin Professional will continue as an independent business unit within the Harman Professional Division, with the existing points of contact.
More details from Harman (www.harman.com):
“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 of Harman. “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.