STAMFORD, CT – 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.
HARMAN (www.harman.com) designs, manufactures, and markets a wide range of car infotainment, safety and audio solutions for the automotive, consumer, and professional markets. It is a recognized world leader across its customer segments with premium brands, including AKG®, Harman Kardon®, Infinity®, JBL®, Revel®, Lexicon®, and Mark Levinson®, and leading-edge connectivity, safety and audio technologies. The Company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. 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. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.
AMX hardware and software solutions simplify the implementation, maintenance, and use of technology to create effective environments. With the increasing number of technologies and operating platforms at work and home, AMX solves the complexity of managing this technology with reliable, consistent and scalable systems. Our award-winning products span control and automation, system-wide switching and audio/video signal distribution, digital signage and technology management. They are implemented worldwide in conference rooms, homes, classrooms, network operation / command centers, hotels, entertainment venues and broadcast facilities, among others. AMX is a member of the Duchossois Group of Companies. For more information, visit www.amx.com
Forward Looking Statements
Statements in this release that are not strictly historical, including statements regarding the proposed acquisition, the expected timetable for completing the transaction 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; the uncertainty of regulatory approvals; the parties’ ability to satisfy the closing conditions and consummate the transactions; 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.