Samsung Electronics buys Harman International for $8 bn
Upon closing, the transaction will immediately give Samsung a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics, which has been a strategic priority for Samsung, and is expected to grow to more than $100 billion by 2025.Harman is the market leader in connected car solutions, with more than 30 million vehicles currently equipped with its connected car and audio systems, including embedded infotainment, telematics, connected safety and security.Approximately 65 per cent of Harman's $7 billion in reported sales during the 12 months ending September 30 are automotive-related, and its order backlog for this market on June 30 was approximately $24 billion.
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Harman Pro boss says "synergy is compelling" after Samsung deal
NewsDave RobinsonIt's business as usual for Harman Pro Solutions and its brands, now and through the closing of the deal with Samsung, says the company.Samsung announced it had entered into an agreement to purchase Harman for $8bn cash (£6.4bn), in a move designed to give the Korean electronics giant a "significant presence" in the connected technologies market, and the automotive electronics sector in particular, on Monday 14 November.As part of that announcement, Samsung said that all Harman's headquarters and facilities, as well as all of its consumer and professional audio brands, would be retained.
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Harman Dealers 'Positive, Hopeful, Nervous' about Samsung Acquisition
Jason KnottNovember 17, 2016The announcement that mega-company Samsung is acquiring Harman for $8 billion took many integrators by surprise.Among a group attending the Mark Levinson Dealer Academy training in Shelton, Conn., this week, the reaction was mostly cautious optimism.Brad Waite of The Screening Room, Colorado Springs, Colo., pragmatically notes, "Obviously time will tell what will actually happen."Until he gets indications to the contrary, Waite is taking the news at face value.
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US: Samsung acquires Harman
For push into automotive market.Samsung Electronics has acquired Harman International in an $8 billion deal.The acquisition will allow Samsung to grow its presence in the connected market, particularly automotive electronics, which is projected to reach over $100 billion by 2025.
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