STAMFORD, CT – HARMAN, the global leading supplier of premium audio and infotainment systems (NYSE:HAR) announced today a new contract with Hyundai Motors Company (HMC) to provide its Lexicon™ -branded premium audio systems for the MY 2014 Genesis sedan to be sold across major global markets. This agreement continues HARMAN’s 14-year relationship with HMC, which now includes HARMAN-branded audio systems in 16 Hyundai and Kia models worldwide. HARMAN is the world’s largest supplier of premium-branded audio solutions and more than 25 million vehicles worldwide are currently equipped with HARMAN technology.
The next generation Genesis full-sized luxury sedan from Hyundai will feature a 17-speaker premium Lexicon™ branded sound system, and the latest, most advance surround-sound technology developed by Lexicon engineers. As with all its audio systems, HARMAN and Hyundai Motors will work closely together on the development of this next generation premium audio system to ensure it meets the rigorous performance standards of the Lexicon brand and seamlessly integrates with the vehicle’s interior.
This program award represents an additional $140M in revenue for HARMAN over the five years of the Genesis program, increasing booked business by 10% during this period.
“HARMAN has been a trusted supplier to Hyundai for many years, and we are pleased that they have chosen to award us with this next generation Genesis vehicle,” said Dinesh C. Paliwal, President, Chairman and CEO of HARMAN. “This further strengthens our relationship with Hyundai as it continues its expansion into the full-sized luxury vehicle segment.”
HARMAN currently has more than 75 employees in Korea, serving in sales and marketing and application engineering functions. Recently Harman presented a technology showcase at the HKMC R&D Center which drew more than 1,000 attendees, including top HKMC management. This event demonstrated Harman’s value as a strategic partner for Hyundai and Kia by providing insights into future audio and infotainment platforms.
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, Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson. The company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 25 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 12,500 people across the Americas, Europe and Asia, and reported net sales of $4.0 billion for twelve months ending September 30, 2011. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.