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Company Profile of Harman International Industries

Discuss Company Profile of Harman International Industries within the Company Profiles & News !! forums, part of the Mirror View - Ebooks Links & Miscellenous Reading Material category; Harman International Industries (NYSE: HAR) is an international audio and infotainment equipment company. The company designs, manufactures and markets audio ...



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Company Profile of Harman International Industries
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Pratik Kukreja
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Company Profile of Harman International Industries - May 7th, 2011

Harman International Industries (NYSE: HAR) is an international audio and infotainment equipment company. The company designs, manufactures and markets audio and infotainment products for the car, the home, theatres and venues, as well as electronics for audio professionals. Harman International's consumer group makes loudspeakers, CD and DVD players, CD recorders, and amplifiers under several brand names such as Harman Kardon, JBL, and Infinity. Harman's automotive division sells branded audio systems through several car makers, including Mercedes-Benz, Toyota/Lexus, BMW, and General Motors. Its professional unit makes audio equipment, such as studio monitors, amplifiers, microphones, and mixing consoles for recording studios, cinemas, touring performers, and others. The company is headquartered in Stamford, Connecticut, and maintains major operations in the Americas, Europe, and Asia. Harman International includes many consumer and specialty brands targeting specific audio and electronics product categories.

Harman International Industries, Incorporated (Harman International), incorporated in 1980, is engaged in the developing, manufacturing and marketing of high-quality, high-fidelity audio products and electronic systems. The Company has developed a range of product offerings, which are sold under brand names like AKG, Crown, JBL, Infinity, Harman/Kardon, Lexicon, dbx, BSS, Studer, Soundcraft, Mark Levinson, Becker and Selenium. The Company has four segments: automotive, consumer, professional and other. On June 1, 2010, the Company and its wholly owned subsidiary, Harman Holding GmbH & Co. KG sold its issued and outstanding shares of QNX Software Systems Co., QNX Software Systems (Wavemakers), Inc. and QNX Software Systems, Inc. On June 1, 2010, Harman do Brasil Industria Eletronica e Participacoes Ltda., an indirect, wholly owned subsidiary of Harman International, purchased all of the issued and outstanding shares of Eletronica Selenium S.A. (Selenium). In September 2010, the Company acquired Aha Mobile, Inc., a provider of on-demand mobile and location-based Internet content services. In February 2011, the Company acquired 3dB Research Ltd, a developer of music and signal processing technology.
The Company’s automotive segment designs, manufactures and markets audio, electronic and infotainment systems for vehicle applications to be installed as original equipment by automotive manufacturers. Its infotainment systems are a combination of information and entertainment components that may include or control global positioning system (GPS) navigation, traffic information, voice-activated telephone and climate control, rear seat entertainment, wireless Internet access, hard disk recording, moving picture experts group layer-3 audio (MP3) playback and a high-end branded audio system. Its Automotive products are marketed worldwide under brand names, including JBL, Infinity, Mark Levinson, Harman/Kardon, Logic 7, Lexicon and Becker. The Company also produces a Harman/Kardon branded infotainment system for Harley-Davidson touring motorcycles.
The Company’s consumer segment designs, manufactures and markets a range of mid- to high-end audio and consumer electronics for home, multimedia and mobile applications. Its consumer products feature some audio brands, including AKG, Harman/Kardon, Infinity, JBL, Mark Levinson and Selenium. Home applications include dedicated home audio and theater systems, as well as distributed systems that provide multi-zone, audio and video. Multimedia applications comprise a range of accessories, such as designer fashion earbuds and noise canceling headphones that improve the sound of portable electronic devices. The Company provides transducers and built-in speakers for notebook computers, such as Toshiba. The Company’s consumer products are sold in specialty audio stores, mass-market retail stores, such as the Apple stores, Best Buy, Target, Media Markt and Fnac, and through online retailers, such as Amazon.com.
The Company’s professional segment designs, manufactures and markets a range of loudspeakers, power amplifiers, digital signal processors, microphones, headphones and mixing consoles used by audio professionals in concert halls, stadiums, airports, houses of worship and other public spaces. The Company designs products for recording, broadcast, cinema and music reproduction applications. It also provides products to the sound reinforcement, music instrument support and broadcast and recording segments of the professional audio market. Its professional products are marketed globally under brand names, including JBL Professional, AKG, Crown, Soundcraft, Lexicon, DigiTech, dbx, BSS, Studer and Selenium. The Company also offers systems solutions for professional installations and users around the world. ItspProfessional system products are marketed globally under a number of brand names, including JBL, AKG, Crown, Soundcraft, Lexicon, Mark Levinson, Revel, DigiTech, dbx and Studer.
The Company competes with Bose, Pioneer, ASK, Foster Electric, Panasonic, Alpine, Bosch, Continental, Visteon, Mitsubishi Electronics, Aisin Seiki, Denso, Klipsch, Polk Audio, Bowers &Wilkins, Boston Acoustics, Yamaha, Sony, Denon, Onkyo, Marantz, Krell, McIntosh, Audio Research, Meridian, Linn, Classe, Altec Lansing, Creative Labs, Logitech, Cyber Acoustics, Rockford Fosgate, MTX, Kenwood, Telex, Electro Voice, Mackie, QSC, Meyer Sound Laboratories, Sennheiser, Shure, Audio Technica, Loud Technologies, Inc., Lawo, Harris Corporation, DigiDesign/M-Audio, Genelec, KRK, TC Electronics, Stagetec, zhure, Line 6, Dunlop, Zoom, Audio Technica, Roland, Siemens, Peavey and Tannoy.

By 1990 the Harman organization had grown into a loose conglomeration of several autonomous companies, each of which catered to a specific niche in the high-end audio equipment industry--most of Harman's goods, though, were marketed under the venerable JBL, Infinity, or other top brand names. Harman's sales topped $550 million in 1990 and net income was shy of $15 million. Although Harman International achieved growth and much success during the 1980s, it became clear to Sidney Harman that major changes had to be initiated if the company was going to compete successfully in the 1990s. That concern was reflected in a disappointing $19.8 million loss experienced by Harman International in 1991, during the recession.
Harman moved away from his family in Washington--interestingly, Harman's wife (a Democrat from California) was elected to Congress in 1992--and moved to California to get closer to his operations. He sent the president of the company packing and, at the age of 70, took control of Harman's day-to-day operations. He merged the 21 scattered divisions into five units and eliminated duplicate departments and operations. He used the cash saved by that effort to intensify marketing efforts. Harman also adopted a new strategy of marketing the company's products through mass retail channels like Circuit City, because he believed that the consumer market was shifting away from ultra-high-end, "audiophile" products to more mainstream, value-oriented audio devices.
Harman didn't give his age a second thought. "[I'm] flat out uninterested in being retired," he said in the March 1, 1993 Los Angeles Times, adding, "I don't give a damn how old I am. I can run the pants off everybody working in this place." He was also unfazed by critics who believed the company would be unable to compete in the mainstream audio markets, which were dominated by low-cost giants in Asia.
Harman International bucked criticism with its performance during the early and mid-1990s. The company focused on growing existing operations, but also continued its aggressive acquisition drive. Sales jumped from $604 million in 1992 to $862 million in 1994, while net income rose from $3.5 million to $25.6 million. Harman also continued to streamline and consolidate, reducing its entire operation to just three divisions: professional, automotive, and consumer.
Harman sustained the pursuit of its assertive growth agenda in late 1994 and early 1995. It purchased Becker (a leading German maker of automotive radios and electronics), for example, and took over the respected Mark Levinson and Proceed lines of U.S. electronics. The company also established Harman China (a new unit charged with marketing and distributing Harman products to that massive market), and opened an "Advanced Technology Center" that was designed to focus on developing critical digital audio technologies. Those and other efforts contributed to a rise in sales to $1.17 billion in 1995 (fiscal year ending in June), about $41.16 million of which was netted as income.
Principal Subsidiaries: AKG (Germany); Allen & Heath Limited (United Kingdom); Audax Industries, S.A. (France); BSS Audio (United Kingdom); DOD Electronics Corporation; Harman Belgium NV; Harman Consumer Europe A/S (Denmark); Harman Deutschland GmbH (Germany); Harman France, S.N.C.; Harman International Industries, Limited (United Kingdom); Harman International Japan Co., Limited; Harman-Kardon, Incorporated; Harman-Motive, Inc.; Harman Motive Limited (United Kingdom); Infinity Systems, Inc.; JBL Incorporated; Lexicon Incorporated; Lydig of Scandinavia A/S (Denmark); Soundcraft Electronics, Limited; Studer Professional Audio AG (Switzerland); Turbosound Ltd. (U.K.).
Principal Operating Units: Professional Group; Consumer Group; Automotive OEM Group

Beta: 1.94
Market Cap (Mil.): $3,227.20
Shares Outstanding (Mil.): 69.90
Annual Dividend: 0.10
Yield (%): 0.22
HAR Industry Sector
P/E (TTM): 24.37 37.37 9.28
EPS (TTM): 343.22 -- --
ROI: 7.65 2.00 0.94
ROE: 11.28 2.58 1.62

Public Company
Incorporated: 1980
Employees: 7,929
Sales: $1.17 billion (1995)
Stock Exchanges: New York
SICs: 3651 Household Audio & Video Equipment; 5064 Electrical Appliances, TV & Radio Sets; 5065 Electronic Parts and Equipment, Not Elsewhere Classified

Name Age Since Current Position
Paliwal, Dinesh 53 2008 Chairman of the Board, President, Chief Executive Officer
Parker, Herbert 52 2008 Chief Financial Officer, Executive Vice President
Lawande, Sachin 43 2010 Executive Vice President, Chief Technology Officer, Co-Presidents - Automotive Division
Suko, Todd 43 2008 Executive Vice President, General Counsel, Secretary
Augsburger, Blake 47 2006 Executive Vice President, President - Professional Division
Stacey, John 45 2008 Executive Vice President, Chief Human Resources Officer
Karch, David 49 2008 Executive Vice President - Operational Excellence
Slump, David 42 2010 Executive Vice President, President - Consumer Audio Division
Mauser, Michael 47 2010 Executive Vice President, Co-Presidents - Automotive Division
Korologos, Ann 69 2008 Lead Director
Meyer, Edward 84 1990 Director
Einsmann, Harald 76 2007 Director
Carroll, Brian 39 2007 Director
Steel, Gary 57 2007 Director
Reiss, Kenneth 68 2008 Director
Runtagh, Hellene 62 2008 Director
Liu, Jiren 55 2009 Director

1101 Pennsylvania Avenue N.W.
Suite 1010
Washington, D.C. 20004

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