The partnership between HARMAN and Brazilian electronics company Selenium promises a new era for audio and infotainment sector in Latin America
STAMFORD -- HARMAN, the premium global audio and infotainment group (NYSE: HAR) said today that it has completed the acquisition of Brazilian company Eletronica Selenium S/A. The transaction includes the transferral of all assets and trademarks of Selenium to HARMAN.
Eletronica Selenium (www.selenium.com.br), founded in 1958, manufactures and sells professional loudspeakers including line arrays, screen and portable systems, along with related technologies for both the public sound reinforcement sector and automotive aftermarket. The company is primarily focused on the premium market segment and is a leader in the professional loudspeaker business in Latin America.
Selenium's approximately 450 employees at facilities in northern and southern Brazil will transfer to Harman, who will also assume operations of Selenium sales offices serving the US and Europe. Selenium's market channels include a network of more than 30 distributors across Brazil and two distribution and logistics centers in the US.
"Selenium is a proud addition to the Harman family, and we look forward to expanding our technologies throughout this growing and important market," said Dinesh C. Paliwal, Harman Chairman, President and CEO. "Harman's rich product portfolio, together with Selenium's established market presence in Brazil and Latin America, will drive new business opportunities across the automotive, consumer, and professional markets."
"Our recent success stories include the Pan American Games, Cartagena Music Festival, and numerous cinemas, retail and infrastructure facilities, added Rodrigo Rihl Kniest, former Selenium chief executive and now Harman Country Manager for Brazil. "Leveraging Harman's superior track record, we see tremendous opportunities around the upcoming FIFA World Cup and Olympic Games in Rio de Janeiro, the Brazilian Carnival and similar venues."
Harman (www.harman.com) designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets -- supported by 15 leading brands including AKG(R), Harman Kardon(R), Infinity(R), JBL(R), Lexicon(R) and Mark Levinson(R). The Company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 20 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 11,000 people across the Americas, Europe and Asia, and reported sales of $3.2 billion for the last twelve months ended March 31, 2010. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.