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.
The combination of the two companies brings together audio, lighting and video solutions for the live stage and events, as well as permanent installations. In addition, bringing Martin to Harman’s US$4.4bn organisation and combining two of the largest R&D budgets in the audio and entertainment lighting industry will enable the companies to grow and improve their lighting and video offerings.
‘Martin product lines are an excellent complement to our professional audio business,’ says Blake Augsburger, Executive VP and President of the Harman Professional Division. ’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.’
‘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,’ adds Christian Engsted, CEO of Martin Professional.
Martin Professional will continue to operate as an independent business unit within the Harman Professional Division, and retain its existing points of contact.
