Harman to acquire AMX21 May 2014
Harman International Industries has signed an agreement with The Duchossois Group and its affiliates to acquire AMX for $365 million.
AMX will be integrated into Harman Professional division alongside the likes of Duran Audio, which was bought at the back end of last year, and Martin lighting – purchased in 2012. The company says the new purchase continues with its strategy to add visual solutions to its audio offerings.
The transaction is subject to customary closing conditions, including applicable regulatory approvals.
Harman believes that with the acquisition, it will be uniquely positioned to provide complete audio, video and automation solutions for customers globally.
“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,” commented 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.”
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 and command centers, entertainment venues and broadcast facilities. AMX employs more than 600 people across its operations in 19 locations worldwide.
“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,” said Blake Augsburger (pictured), president, Harman Professional division.
Robert L Fealy, president and chief operating officer, the Duchossois Group, and chairman of AMX, added: “Harman is a world-class company, and this transaction will provide additional opportunities to grow the AMX business. 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.”