Samsung Electronics Completes Acquisition of HARMAN
"Today is a historic moment for us. The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide," said Young Sohn, President and Chief Strategy Officer of
Samsung Electronics, and Chairman of the Board, HARMAN. "We see transformative opportunities in the car - and a future which seamlessly connects lifestyle across automotive, home, mobile and work. Samsung's and HARMAN's leadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers.
In addition, bringing together HARMAN's iconic audio brands and capabilities paired with Samsung's leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets. And most importantly, we are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers. We look forward to working with all of HARMAN's employees to execute on our vision."
"We are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees," said
Dinesh Paliwal, HARMAN President and CEO. "Samsung shares our commitment to our customers and our culture of speed, innovation and execution.
In connection with the completion of the transaction, HARMAN's common stock will cease trading prior to market open on
March 13, 2017 and will be delisted from the New York Stock Exchange. HARMAN will operate as a standalone Samsung subsidiary, overseen by a Board of Directors led by Mr. Sohn. Mr. Paliwalwill remain CEO of HARMAN, leading the Company with his management team, and will continue to serve as a member of its Board. Samsung is retaining HARMAN's work force, headquarters and facilities, as well as all of its consumer and professional audio brands.
Samsung Electronics Co., Ltd.
HARMAN (harman.com) designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions; and connected services. With leading brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson® and Revel®, HARMAN is admired by audiophiles, musicians and the entertainment venues where they perform around the world. More than 25 million automobiles on the road today are equipped with HARMAN audio and connected car systems. The Company's software services power billions of mobile devices and systems that are connected, integrated and secure across all platforms, from work and home to car and mobile. HARMAN has a workforce of approximately 30,000 people across the
Americas, Europe, and Asia.
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.
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HARMAN International Industries, Incorporated
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