Samsung to acquire Harman

[robertbartsch]

Bloomberg is reporting this 2am Monday 11/14/16.... can't find any other news on this transaction....

[robertbartsch]

...Sidney [RIP] and Jane hit the social scene...


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[robertbartsch]

https://news.samsung.com/global/samsung-electronics-to-acquire-harman-accelerating-growth-in-automotive-and-connected-technologies

[pos]

What an interesting turn of events, especially for Allan Devantier and Jerry Moro :D

[sebackman]

http://news.harman.com/releases/samsung-electronics-to-acquire-harman-accelerating-growth-in-automotive-and-connected-technologies

[Ed Zeppeli]

This should be interesting...or devastating.

[Titanium Dome]

Samsung's looking at it as the acquisition of an auto supplier company?

http://www.usatoday.com/story/money/business/2016/11/14/samsung-buy-harman-international-8-billion/93786364

I guess Pollywog finally leads the company into the swamp and confirms his status as a slime-eating bottom feeder. "But I made a lot of money! Thanks Sidney. Hope you're proud of me." (not an actual quote)

:banghead:

[4345]

I think this could be good news. Koreans love JBL. Maybe Samsung will take a long term approach
and build the brand. Current management was just looking for a quick buck.

[sebackman]

:beamup:

74523

[robertbartsch]

I lived in the Marriott hotel in S. Korea for +3 years.... The Koreans are driven to succeed but I assume Samsung will destroy any remaining value of this company.... hopefully, I am wrong....

The press report on the transaction indicates that Harman is a "force" in car audio.... Really?

Could someone please, please, please tell me how Harmon/JBL lost the sound reinforcement business? In recent years, I'm rarely seeing any JBL equipment flown for music concerts, ball games, race tracks, etc.

HOW THE HELL DID THIS HAPPEN?

[Slare]

This could go any of a hundred ways but I am doubtful that Samsung would let such valuable brands wither and die. Having a backer with the funding necessary to breathe life into the company areas we love is promising.

However it's really easy to be pessimistic because (my .02) Asian companies are not all that great for audio. Short of some interesting really high end stuff from Sony I have no memory of ever finding a Samsung or LG audio product tempting in any way. I have no doubt one result will be more branding of Harmon brands in bastardized products like TV's with "sound by JBL" or other such garbage. Samsung phones with JBL speakers, etc.

[Mr. Widget]

This could go any of a hundred ways but I am doubtful that Samsung would let such valuable brands wither and die.Harman has been doing a pretty good job of letting their own brands wither and die... I can't imagine Samsung making this situation worse.


Having a backer with the funding necessary to breathe life into the company areas we love is promising.I don't think money has been in short supply... it has been a "vision thing". With luck someone at Samsung will bring a new vision to this group of companies.


I have no doubt one result will be more branding of Harmon brands in bastardized products like TV's with "sound by JBL" or other such garbage. Samsung phones with JBL speakers, etc.You can count on that, but that sort of thing is harmless.


Widget

[Mannermusic]

This should be interesting...or devastating.

Yes. JBL has been an automotive supplier for some decades starting with Lincoln in the seventies. Business is booming as customers demand more and more high performance audio in their cars - a big seller! I have two huge Harman sites within 5 miles of my house. Today, cars are rolling entertainment capsules and JBL/Harman and numerous others are more than willing to provide whatever is needed. This is not the 50s; any successful business is looking for new markets - especially in this global environment. It's compete or die - it doesn't have to be a negative. Time marches on.

[Ed Zeppeli]

Hey i fully agree with the evolve or die principle for businesses. I just wonder how Harman's other business ventures (dbx, Crown JBL) will be affected by the change. If the automotive business represents 65% of their revenue then that spreads the other areas pretty thin.

[1audiohack]

For me it's getting harder to even care.

Oldsmobile Pontiac and Mercury are gone, brands I just thought would be around for ever.

The mission critical dbx and Crown stuff is still made here and for the moment so I am going to try to fill in my want list before the future obscures my abilities to buy from home.

It's funny, for several reasons I bought a pair of Danley SH50's and they have become my easy favorite overall for casual listening. I guess there is still somewhere to shop for me.

At least Music Group didn't get JBL.

Barry.

[Flodstroem]

:beamup:

74523

Wow. Fortunately I purchased the horns in time with the "right" sticker on them :blink:

[SEAWOLF97]

"Nearly a decade ago, private-equity firms backed out of an $8 billion deal to buy Harman International Industries Inc. amid concerns the stereo-maker’s worsening financial condition rendered it worth less than the price they agreed to pay.

The deal also vindicates Mr. Paliwal’s turnaround efforts at Harman. He took over the company in 2007 when Harman’s late founder Sidney Harman stepped aside. Mr. Paliwal closed factories, dropped unprofitable product lines, cut new-product roll outs and reshaped the board to get the ball rolling on reviving the company."

http://www.wsj.com/articles/harman-once-shunned-repositioned-itself-in-the-automotive-tech-arms-race-1479146323

so let me get this right.

HARMAN was almost sold a decade ago for $8B. Darth Paliwal came in and slashed/burned , then nearly 10 years of this later , now can sell the company for the same $8B (now in 2016 dollars) ??

[Mr. Widget]

For me it's getting harder to even care.:banghead:

Yep.

Widget

[NWCgrad]

My current (and likely last) DIY speaker build will eventually have all JBL Pro drivers (2242, 2012, and 2453H-SL/2452H-SL), my next set of speakers are most likely going to be Danley Sound Labs unless Samsung surprises me and returns JBL to it glorious past when it actually supported DIY (unlikely).

[Mannermusic]

Hey i fully agree with the evolve or die principle for businesses. I just wonder how Harman's other business ventures (dbx, Crown JBL) will be affected by the change. If the automotive business represents 65% of their revenue then that spreads the other areas pretty thin.

Yes again. I was with EDS for a number of years when they were with GM. Then they moved back onto their own and then to HP and now HP has split in two into a product marketing branch and an engineering development branch with the EDS people going with the engineering side. To be honest, I am more than a little surprised at how negative and seemingly surprised people here are re the changes for JBL. I thought it was amazing that the old engineering guys hung on so long. In automotive we all got shuffled, quit, fired, retired all through the '80s, '90s and beyond. GM went bankrupt! Chrysler similar and suppliers ditto. There is no longer any such thing as simple economic circular flow . . . everything is untethered global macro economics - terrifying! Again, people are just trying to survive - Harman is doin' pretty well considering the environment, I'd say. Again, it ain't the '50s. And Americans don't take much econ, it seems - tend to get blind-sided. Mike

[moparfan]

Everything specifically mentions the automotive side of things so I hope they don't neglect the other areas out of existence.

[moparfan]

"Nearly a decade ago, private-equity firms backed out of an $8 billion deal to buy Harman International Industries Inc. amid concerns the stereo-maker’s worsening financial condition rendered it worth less than the price they agreed to pay.

The deal also vindicates Mr. Paliwal’s turnaround efforts at Harman. He took over the company in 2007 when Harman’s late founder Sidney Harman stepped aside. Mr. Paliwal closed factories, dropped unprofitable product lines, cut new-product roll outs and reshaped the board to get the ball rolling on reviving the company."

http://www.wsj.com/articles/harman-once-shunned-repositioned-itself-in-the-automotive-tech-arms-race-1479146323

so let me get this right.

HARMAN was almost sold a decade ago for $8B. Darth Paliwal came in and slashed/burned , then nearly 10 years of this later , now can sell the company for the same $8B (now in 2016 dollars) ??

Sounds about right.

[hsosdrum]

The automotive business has been keeping Harman's head above water since before I started working there in 2009. Without it, the company probably would have been forced to close its doors years ago, so I wouldn't be so quick to look askance at it.

Harman has thousands of software engineers (all in Asia) with experience integrating electronics and control systems into vehicles and connecting them with personal devices. I'm sure that's the real reason Samsung was willing to shell-out $8billion for the company. The fact that Samsung made a major investment in its audio division a couple of years ago bodes well for the continued survival of the JBL brand. And JBL products will once again be able to benefit from the considerable talents of Alan Devantier and Jerry Morro!

[JeffW]

It's funny, for several reasons I bought a pair of Danley SH50's and they have become my easy favorite overall for casual listening.
Barry.

Dibs on the 4365s! :bouncy:

[1audiohack]

Dibs on the 4365s! :bouncy:

You're in my will, but,, which one of us will live longer? :)

Barry.

[spkrman57]

JBL has been gone for years in my mind. I'm glad I have some of the older JBL drivers from the better days of old!

Ron

[Titanium Dome]

Dinesh Paliwal, HARMAN Chairman, President and CEO, stated, "This compelling all-cash transaction will deliver significant and immediate value to our shareholders and provide new opportunities for our employees as part of a larger, more diversified company. Today's announcement is a testament to what we have achieved and the value that we have created for shareholders."

---------------

Then he screamed, "Where's my damned bonus check??" (not a real quote)

74533

[Mr. Widget]

Dinesh Paliwal, HARMAN Chairman, President and CEO, stated, "This compelling all-cash transaction will deliver significant and immediate value to our shareholders and provide new opportunities for our employees as part of a larger, more diversified company. Today's announcement is a testament to what we have achieved and the value that we have created for shareholders."
This statement tells it like it is... it is all about shareholders. CEOs and other top management being significant shareholders. For many of the employees down the food chain, the "new opportunities" will be to leave the company and create greatness elsewhere.

We've been watching this unfold for quite some time. Maybe someone at Samsung will pick up the baton and allow this collection of companies return to greatness.


Widget

[SEAWOLF97]

so checking the calculator ,,,, after about 10 years of pallys acrobatics , he now sells the company at a loss of approx. $1,200,000,000+ in real value difference from the 2007 price.

wow,,that's a "value added" (subtracted ?) performance deserving a huge bonus. :dont-know:

[badman]

There are very good reasons to cap executive compensation and have firm legal guidelines around what pay for performance metrics and values look like. I'm tired of people getting to a certain level then stripmining companies to extract the biggest payout possible for ruining healthy businesses. I've seen it firsthand, and the trend shows no signs of slowing. Ethics in businesses are not to be assumed- they must be enforced. Leaving them to businesses/individuals to execute on simply ensures that those who are willing to sink the lowest for a reward will be the most successful.

There is a possibility of Samsung finding value in making JBL a premium brand again, and I'll keep my fingers crossed but would want 14.2:1 odds if I were to bet on it.

[robertbartsch]

Jane Harman was on CNN yesterday proclaiming some horrible things will come to pass over the Trumpsterz election... She did have a dumb smile on her face, so I assume she still owns some shares.... ...Samsung cash deal was 28% above the market price....

[Oldmics]

Sent to us dealers :dont-know:


As you know, this week Samsung and HARMAN announced a definitive agreement under which HARMAN will become a standalone subsidiary of Samsung Electronics. This will create the most comprehensive connected technologies company in the world. The acquisition is expected to close by mid 2017.


Upon closing, HARMAN will operate as a standalone Samsung subsidiary, and continue to be led by Dinesh Paliwal and HARMAN's current management team. Samsung plans to retain HARMAN's work force, headquarters and facilities, as well as all of its consumer and professional brands.


I wanted to reach out and share the excitement this news has created. We see this transaction as a benefit to all stakeholders in the Professional Solutions space because we will be able to leverage Samsung's unparalleled global scale and R&D capabilities that will enable us to accelerate our innovation.


The combination will also expand the company's business-to-business platform through its ability to deliver integrated, large-scale audio, video, lighting, control and switching professional solutions across all the market verticals we serve.


As we look at Samsung, we see not only market leadership in virtual reality, video display, IoT, but a company with deep relationships with entertainment and enterprise organizations. The synergy is compelling and we see a clear opportunity to develop and own a total complete end-to-end solution for our customers.


We are early in the transaction process and we look forward to sharing developments with you as they happen. Currently, it's business as usual at HARMAN.
Thank you for being such a valued HARMAN partner.


Mohit Parasher,
President, HARMAN Professional Solutions

[Titanium Dome]

I wanted to reach out and share the excitement this news has created. We see this transaction as a benefit to all stakeholders in the Professional Solutions space because we will be able to leverage Samsung's unparalleled global scale and R&D capabilities that will enable us to accelerate our innovation.


Mohit Parasher,
President, HARMAN Professional Solutions


Well, Mohit, I hope those "R&D capabilities that will enable us to accelerate our innovation" are not the same talented folks who accelerated Samsung washing machines to an "unparalleled global scale."

At least you didn't say, "R&D capabilities that will enable us to ignite the fires of our innovation to explode around the world." *(cough!-Galaxy Note 7-cough!)*

[pos]

http://www.audioheritage.org/vbulletin/showthread.php?38400-Who-built-2-anechoic-chambers-in-Los-Angeles-recently

[SEAWOLF97]

Well, Mohit, I hope those "R&D capabilities that will enable us to accelerate our innovation" are not the same talented folks who accelerated Samsung washing machines to an "unparalleled global scale."

At least you didn't say, "R&D capabilities that will enable us to ignite the fires of our innovation to explode around the world." *(cough!-Galaxy Note 7-cough!)*

Galaxy Note 7 recall did not damage Samsung brand in U.S

http://www.businessinsider.com/r-galaxy-note-7-recall-did-not-damage-samsung-brand-in-us-reuters/ipsos-poll-2016-11

[Ed Kreamer]

Colleagues:

Market realities change all the time and companies that compete in the market place have to change with it. All of us here ( I think ) enjoy listening to our favorite tunes on what is considered large home audio systems. Most younger people today most likely invest their audio dollars in car systems that rattle our license plates when they are anywhere near us. Probably being reproduced on MP3 units. In this atmosphere I can see why Mr. Paliwal thinks he is in the car audio business. I almost never listen to music in my car, even though it has a very fine system made by dynaudio. My children however listen to music whenever they are in their cars, and do not have what any of us would consider a decent home audio system.
As far as how the current reptiles who run the company (JBL) are concerned, they should be keel hauled in shark infested waters for their treatment of certain senior engineers.

I have noted and I'm sure I'm not the only one, that HK's home audio stuff has become a bit stale, and even at this time there is nothing in their product line to replace my 2009 AVR 354 with. Let's hope this changes and we see stuff in the high end audio salons in the near future.

Let's all remember that JBL was once owned by a food company.

Ed

[JeffW]

Galaxy Note 7 recall did not damage Samsung brand in U.S

http://www.businessinsider.com/r-galaxy-note-7-recall-did-not-damage-samsung-brand-in-us-reuters/ipsos-poll-2016-11

I have a Samsung tablet, 2 little Samsung 32" TVs, 8 Samsung SSDs, some Samsung DDR3 RAM, that's just the Samsung stuff I can think of off the top of my head.

[Mr. Widget]

I have a Samsung tablet, 2 little Samsung 32" TVs, 8 Samsung SSDs, some Samsung DDR3 RAM, that's just the Samsung stuff I can think of off the top of my head.Do you have a good fire suppression system?

Sorry, I couldn't resist. :D


Widget

[SEAWOLF97]

I have a new 4K 40 inch Samsung TV and it's a fine set. Amazed by how good the audio is*, in addition to the image and vast settings choices. :thmbsup:

Hoping they do better by JBL than past owners ..ie: Beatrice Foods


* 5.1 DTS

[JeffW]

Do you have a good fire suppression system?

Sorry, I couldn't resist. :D


Widget

No, but I do have a few thousand mAh of Li-ion batteries in my crisper drawer. :eek:

[Radley]

However it's really easy to be pessimistic because (my .02) Asian companies are not all that great for audio. Short of some interesting really high end stuff from Sony I have no memory of ever finding a Samsung or LG audio product tempting in any way. I have no doubt one result will be more branding of Harmon brands in bastardized products like TV's with "sound by JBL" or other such garbage. Samsung phones with JBL speakers, etc.[/QUOTE]

In Pro Audio, Yamaha's pretty damn good.

[Ed Kreamer]

And yet, the asian's and in particular the Japanese, seem to revere the JBL brand.

[BeDome]

Do you have a good fire suppression system?

Sorry, I couldn't resist. :D


Widget

I work at a place that sold the now infamous Note 7 firebomb phones. When they started being returned, we were told to set up a security cage in the warehouse and place them all together into one place until there is a clear signal from Samsung as to what to do with them and how to get them out of our store.:blink:

Really? Yep. Forty or fifty potential fire hazards all in one place.

[audiomagnate]

I work at a place that sold the now infamous Note 7 firebomb phones. When they started being returned, we were told to set up a security cage in the warehouse and place them all together into one place until there is a clear signal from Samsung as to what to do with them and how to get them out of our store.:blink:

Really? Yep. Forty or fifty potential fire hazards all in one place.

Couldn't you just have removed the batteries?

[hjames]

Couldn't you just have removed the batteries?

Looks like bench tech work, not consumer lever or retail clerk stuff

https://www.youtube.com/watch?v=tGcBy-ET4mY

[rdgrimes]

New Logo:

78643

[SEAWOLF97]

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Arcam acquired by Harman, a division of Samsung

By Joe Cox July 16, 2017 News
The deal was announced in an email to Arcam customers. The partnership promises to "accelerate exciting innovations that will benefit our brands".

https://www.whathifi.com/news/arcam-acquired-harman-division-samsung