Global infotainment and audio company Harman International Industries has announced the acquisition of Martin Professional. The transaction is set for completion in Q1 2013 after customary closing conditions, including regulatory approvals, have been authorised.
Martin Professional, which up until the sale came under the Schouw & Co. umbrella, is recognised for providing lighting and video solutions for the live and stage events, while Harman’s $4.4 billion (€3.3 billion) organisation has a range of professional audio brands under its ownership.
The move will look to create a one-stop shop for the professional entertainment market, and will combine two of the largest R&D budgets in the audio and entertainment lighting industry. This level of investment will enable the companies to enhance the lighting and video product offering.
Both parties are confident that the move will cement their respective positions in their industries, in addition to making their customers more successful by providing new, innovative and improved products, services and solutions in the future. Blake Augsburger (pictured middle), executive vice president and president of the Harman Professional Division stated: “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 (pictured left), CEO of Martin Professional commented: “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.”