Harman International Industries said it has signed an agreement to acquire Bang & Olufsen’s (B&O) automotive car audio business.
B&O sound systems are available in Audi, Aston Martin, BMW and Mercedes-Benz car models.
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Dinesh Paliwal, Harman’s chairman, president and CEO, said: “Bang & Olufsen is a distinctive brand that will complement our existing premium branded offerings and strengthen Harman’s position in this segment. While B&O branded [systems] will continue at the top of the high end luxury segment, we will rapidly grow [the] B&O Play brand in the larger mass luxury market.
He said Harman would strengthen and grow the B&O brands and “further improve profitability, which is now in line with our existing car audio business”.
The purchase price was EUR145,000,000 for the automotive audio business plus payments for an exclusive licence to the B&O auto industry brands.
Harman will take over all B&O OEM supply deals and related development and production resources.
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