The big Korean company announced the acquisition of the American brand Harman, well known in the A/V technology
Samsung Electronics has announced that it has completed its acquisition of Harman International Industries. The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by Harman stockholders and receipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions. Harman will operate as a standalone Samsung subsidiary, overseen by a Board of Directors led by Mr. Young Sohn. Dinesh Paliwal will remain CEO of Harman, leading the Company with his management team. Samsung is retaining Harman’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands.
The approach between Samsung and Harman until the acquisition was not casual, as said Dinesh Paliwal, Harman’s CEO: “We are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees. Samsung shares our commitment to our customers and our culture of speed, innovation and execution. Samsung provides Harman with the scale, platform and complementary technologies to accelerate growth and extend our global market leadership in automotive, smart audio and connected technologies. In an increasingly connected world, the partnerships are increasingly important, particularly in automotive. Working closely with automakers and other technology companies, Samsung and Harman will define and drive the future of automotive.”
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