HARMAN BUYS MARTIN PROFESSIONAL – BUSINESS AS USUAL IN SOUTH AFRICA

(Left to right): Christian Engsted (Martin), Blake Augsburger (HARMAN), Jens Bjerg Sørensen (Schouw & Co.)

“Danish based 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.

Through this new combination of two worldwide industry leaders, HARMAN and Martin are convinced that their comprehensive offering of audio, lighting and video solutions for the live stage and events, as well as permanent venues and installations, will provide new, exciting opportunities and will take customer satisfaction to even higher levels. This transaction will create a One-Stop-Shop for the professional entertainment market. Adding Martin to HARMAN’s USD $4.4 billion organization and combining two of the largest R&D budgets in the audio and entertainment lighting industry will enable the companies to grow and improve the lighting and video offering to the benefit of all existing and new customers.

Recent visitor to South Africa, Christian Engsted, CEO of Martin Professional commented: “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.”

Martin Professional will continue as an independent business unit within the HARMAN Professional Division, with the existing points of contact. The existing channels of distribution of Martin Professional (Electrosonic SA cc) and Harman product (Wild and Marr Pty Ltd), will remain exactly the same in South Africa.

Bruce Genricks, Managing Member of Electrosonic welcomed the new development: “These are two of the most respected manufacturers in live entertainment and their combined knowledge and experience can only be good for the industry. We are excited by this development and the benefits that we believe this change in ownership will bring to our region.”