Harman Acquires AMX for $365 Million
Harman International announced Wednesday that it has acquired AMX for $365 million. Harman is purchasing AMX from The Duchossois Group, Inc. and its affiliates.
Following the deal, AMX will be integrated into Harman's existing Professional division, which also includes AKG Acoustics, BSS Audio, Crown amplifiers, dbx, JBL Professional, Lexicon, Soundcraft, Studer and Martin lighting.
"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," Dinesh C. Paliwal, Chairman, President and CEO of Harman, said as part of the announcement
"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."
"Harman is a world-class company, and this transaction will provide additional opportunities to grow the AMX business," said Robert L. Fealy, President and Chief Operating Officer, the Duchossois Group, and Chairman of AMX. "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."
The deal, the companies said, "is subject to customary closing conditions, including applicable regulatory approvals." There was no timetable listed for the closing.