Harman Group sold

[4345]

NEW YORK (MarketWatch) -- Audio and electronic products maker Harman International Industries Inc. said Thursday it agreed to be acquired by private equity firms Kohlberg Kravis Roberts and GS Capital Partners in a deal valued at about $8 billion.

If anybody in the group has 9 Billion you could outbid KKR.

[Andyoz]

Maybe they'll dig up some old forgotten spare parts in the stocktake

[Titanium Dome]

NEW YORK (MarketWatch) -- Audio and electronic products maker Harman International Industries Inc. said Thursday it agreed to be acquired by private equity firms Kohlberg Kravis Roberts and GS Capital Partners in a deal valued at about $8 billion.

If anybody in the group has 9 Billion you could outbid KKR.

Oh no. Anyone know anything about these equity firms? Do they loot a company, then abandon the empty shell?

[Hofmannhp]

Hi All,

about 3,200,001 $ per member......where's the problem

HP

[edgewound]

That explain's the stock's spike on CNBC's ticker....nearly 20%.


See below comments from Business wire:

Dr. Sidney Harman, Executive Chairman and Chief Executive Officer, commented:

"We produced record sales and earnings during the third quarter and the first nine months of fiscal 2007. Automotive continues to invest in research and development to support recently awarded business and Driver Assist technologies. Consumer sales exceeded prior year's quarter but increased competition continues to impede operating profits. Professional delivered higher sales propelled by products utilizing our HiQnet networking protocol. We have identified video presentation as the next major Professional opportunity for us to integrate audio and video controlled from a single remote location."

Sadly....Consumer not doing too well overall.

Pro and Automotive are driving the bus. Pro is a cyclical business, and you can't discount too much the effect of acquisitions.

The current trend in Private Equity target acquisitions is to take a rising performance company, improve the profits of the operation by whatever means necessary that are out of the public's view and scrutiny, then take the company public again.

Dr. Sydney Harman is now in his 80's. Financially, it probably finds the final piece in his puzzle. His time to self actualize....Billionaire....philantropy.

[scott fitlin]

What will become of JBL?

Will they remain an active audio brand? Or, will everything be disposed of in dumping and looting of company assets?

This could really suck.

[Rolf]

Isn't this a OT thread?

Moderators: delete it.

[edgewound]

Isn't this a OT thread?

Moderators: delete it.

C'mon Rolf...get the chip off your shoulder.

If it were a comment on Ford or GM....yeah, OT.

This is the company that owns JBL.

It's relevant.

[4345]

Thanks edgewound. This is important news. I am not sure what effect it may have on JBL products in the future, but it certainly could bring about big changes.

[Rolf]

C'mon Rolf...get the chip off your shoulder.

If it were a comment on Ford or GM....yeah, OT.

This is the company that owns JBL.

It's relevant.

Very well ... ... ...

[John]

If anybody in the group has 9 Billion you could outbid KKR.

Now why in hell would I want to do that if I had that kind of cash???

[kingjames]

Better grab all the JBl stuff you can find. This doesn't look too good.

[kingjames]

Thanks edgewound. This is important news. I am not sure what effect it may have on JBL products in the future, but it certainly could bring about big changes.

It might also effect this site.

[edgewound]

Better grab all the JBl stuff you can find. This doesn't look too good.

Maybe one should try to look on the bright side. The JBL brand has endured the most tarnishing by being part of a public mutli-national conglomerate.

Privatizing JBL might be the best thing that ever happens to this company.

The cost is no object R&D afforded to JBL with the intro of Everest II could very well have been a component of attracting private equity.

Billionaire investors do like their toys....expensive one's too.

Lot's of investment bankers notice 60 year old brands, and what they should be capable of.

I'd like to think the cheap junk will minimize, while the hi end gets a good polishing. The profit margins are way higher per unit sold, and I'm not talking just the stratospheric Everest II prices.

More and better marketing needs to be done to show products like Project Array and the other neat stuff not even offered here.

The market for JBL's upper end $4k-$5k offerings in Japan need to be offered here.

Oh yeah...I bet the financial performance from Project Everest hasn't even hit the books yet. Investment bankers have this habit of looking ahead.

[louped garouv]

I hope it works out for the better of JBL and the other audio companies.......


seems to be a lot of private money flowing lately, didn't Harrah's (casinos) just get brought back to private-owned status from being public?