Samsung Complete Harman Acquisition
Samsung has announced the completion of its $8 billion acquisition of Harmon, first announced in November.
“Today is a historic moment for us. The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide,” said Young Sohn, President and Chief Strategy Officer of Samsung Electronics, and Chairman of the Board, HARMAN.
In a statement released by the company, Sohn says they “see transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work. Samsung’s and HARMAN’s leadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers.
“In addition, bringing together HARMAN’s iconic audio brands and capabilities paired with Samsung’s leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets. And most importantly, we are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers. We look forward to working with all of HARMAN’s employees to execute on our vision.”
Meanwhile, HARMAN President and CEO Dinesh Paliwal says that “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.”
He said “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. Recognizing the importance of partnerships in an increasingly connected world, particularly in automotive, we are poised to leverage our combined teams and resources to produce even greater value for our customers. Working closely with automakers and other technology companies, Samsung and HARMAN will define – and drive – the future of automotive.”
Now that the acquisition has been completed, Harman will operate as a standalone Samsung subsidiary, overseen by a Board of Directors. Paliwal will remain CEO.
Samsung has confirmed its commitment to retaining HARMAN’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands.