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, which will add Martin to Harman’s USD $4.4 billion organization and combine two of the largest R&D budgets in the audio and entertainment lighting industry, is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q1 2013. The two companies say their now comprehensive offering of audio, lighting, and video solutions for the live stage and events, as well as permanent venues and installations, will provide new opportunities and will take customer satisfaction to even higher levels.
Blake Augsburger, executive vice president of Harman and president of the Harman Professional Division, says, “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 comments, “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.