Harman has reached an agreement to acquire Martin Professional A/S of Denmark, a provider of lighting solutions for the entertainment, architectural, and commercial sectors, for EUR 110 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," 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. 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.