(By Balaseshan) Harman International Industries Inc. (NYSE: HAR), which manufactures audio and infotainment systems, said it has agreed to buy entertainment lighting company Martin Professional A/S of Denmark for 110 million euros ($146 million).
Founded in 1987 and headquartered in Aarhus, Denmark, Martin Professional is a player in the creation of dynamic lighting solutions for the entertainment, architectural, and commercial sectors.
Martin is a subsidiary of Aktieselskabet Schouw & Co., a holding company traded on the Nasdaq Copenhagen Stock Exchange. Martin reported revenues of about $150 million in fiscal 2011 and employs over 450 people across its operations, including state-of-the-art manufacturing facilities in Denmark and the United Kingdom.
Recent Martin lighting installations include concerts by Lady Gaga, Lenny Kravitz, and Linkin Park; special events such as the Olympics and Commonwealth Games; venues such as Wembley Arena in London; television productions such as X Factor and the MTV Music Awards, as well as numerous cinema, retail and infrastructure facilities.
"With the acquisition of Martin Professional, our strategy to provide system solutions to our customers will be further enhanced as we will be able to offer a full audio and lighting electronics solution for the live stage and events as well as permanent avenues and installations. We look forward to unlocking this new business potential," said Dinesh Paliwal, CEO of Harman.
HAR closed Tuesday's regular session up 2.14% at $43.40. The stock has been trading between $34.08 and $52.75 for the past 52 weeks.