Editor’s Note: This report incorporates press statements released by both Harman and Martin Professional.
Harman has reached an agreement with Schouw & Co., parent company of Martin Professional A/S of Denmark, to acquire Martin Professional, a world leading provider of lighting solutions for the entertainment, architectural, and commercial sectors, for EUR 110 million (approximately US $146 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,” states 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,” says 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.”
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 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.”
Martin Professional will continue as an independent business unit within the Harman Professional Division, with the existing points of contact.
Harman Professional Division