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 is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q1 2013.
Through this new combination of two worldwide industry leaders, Harman and Martin believe that their comprehensive offering of audio, lighting and video solutions for the live stage and events, as well as permanent venues and installations, will ‘provide new, exciting opportunities and will take customer satisfaction to even higher levels’.
This transaction will create a one-stop-shop for the professional entertainment market. Adding Martin to Harman’s USD $4.4 billion organization and combining two of the largest R&D budgets in the audio and entertainment lighting industry will enable the companies to grow and improve the lighting and video product offering to the benefit of all existing and new customers, says a company statement.
The companies are confident that not only will they cement their respective positions in their industries, but will also make their customers ‘more successful by providing new, innovative and improved products, services and solutions in the future’.
Blake Augsburger, executive vice-president and president of the Harman Professional Division, is looking forward to welcoming Martin to Harman and states: “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 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.”
Martin Professional will continue as an independent business unit within the Harman Professional Division, with the existing points of contact.
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