Audio and infotainment group Harman International Industries, Inc., (HAR), Wednesday announced an agreement to acquire Martin Professional A/S, a Denmark based provider of lighting solutions for the entertainment amongst other sectors for 110 million euros. The deal is expected to close in early 2013, Harman said in a statement.
Commenting on the development Harman's CEO Dinesh Paliwal said, "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."
Martin Professional reported approximately $150 million in revenue for the full-year 2011 and is a fully-owned subsidairy of Aktieselskabet Schouw & Co., a holding company traded on the Nasdaq Copenhagen Stock Exchange.
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