Harman International Industries Inc. / HAR

About Harman International Industries Inc.

1101 Pennsylvania Ave. NW, Suite 1010, Washington, D.C. 20004
www.harman.com | 202-393-1101 | Founded: 1980

Industry: Manufacturing | Category: Public Companies

Harman announced in April that it had agreed to sell the company for about $8 billion in cash to Kohlberg Kravis Roberts and the private-equity arm of Goldman Sachs. The sale, expected to close in the fall, comes after a rocky year for the firm.
Its chief executive, Douglas A. Pertz, started in May 2006 and resigned just four months later, taking with him a $3.8 million severance package. Sidney Harman, who built the company over the past half-century, is 88 and his age played a role in the company's decision to sell, company officials have said.
The company announced this month that Dinesh Paliwal had been named president, chief executive and vice chairman, effective July 1.
Harman Becker, the company's automotive division, launched a system that has been available in Chrysler vehicles since January 2007. Key features of the high-end system include a voice-activated, high-speed GPS navigation system with three-dimensional views; a 6.5-inch color display with touch-screen controls for navigation and audio; a DVD video display; media storage; music software to record from multiple sources and create customized playlists, and an AM/FM tuner with Sirius Satellite Radio.
Harman's consumer group is launching its first personal navigation device in the United States. And the company reached an $800 million sole-source deal in January with BMW that should boost revenue starting in July 2009. Harman replaces BMW's old supplier for all its models.

Executive chairman and CEO: Sidney Harman

CFO: Kevin Brown

2006 Financial Data

Revenues: $3,247,897,000 | Net Income: $255,295,000
Asssets: $2,354,661,000 | Earnings Per Share: $3.75
Stockholder Equity: $1,228,164,000 | Annual Dividend: $0.05
Total employees: 11,246 | Local employees: 24