HARMAN Acquired By Samsung Electronics For $8.0 Billion

Automotive electronics manufacturer HARMAN, which has major operations in Southern California, has been acquired by Samsung Electronics for approximately $8.0 billion, the two announced this morning. The two said Samsung will pay $112.00 per share in cash for publicly traded Harman. Samsung said the acquisition will help boost its presence in the infotainment, telematics, and sound management areas. Harman had $7.0 billion in sales for the 12 months ended September 30th, a big portion in the automotive market. Harman has a large plant in Northridge, among other operations in the area. The company is known for its JBL, Harman Kardon, Mark Levinson, AKG, Lexicon, Infinity, and Revel brands.