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HARMAN Extends Infotainment Leadership with New Premium Business for VW Group

^{Published on 2011-10-26 03:44:23 - Market Wire}
 

STAMFORD, Conn.--([ BUSINESS WIRE ])--HARMAN, the premium audio and infotainment group (NYSE:HAR), announced today that it has extended its relationship with automaker VW Group to provide new premium 'Mid' infotainment systems. The award is valued at approximately US$400 million.

The new award will include three new programs with the VW Group: the extension of HARMAN's next generation infotainment product offering to further car lines in the fiscal year 2015, the extension of the current high infotainment system starting in fiscal year 2014 and offering a new infotainment head unit variant launching in fiscal year 2013.

aWe are delighted to continue our long-term relationship with the VW Group with this new award for the extension of the scalable premium mid system business, asaid Dinesh C. Paliwal, HARMANas Chairman, President and CEO. aOur investments in innovation and R&D are clearly bearing fruit as HARMAN continues to win business from existing and new customers from around the world.a

HARMAN is the leading supplier to the worldas automotive OEMs for advanced in-car computing platforms offering 3-D navigation, safe and convenient HMIs, hands-free connectivity, multimedia, Internet access, together with energy-efficient performance. Recently, the Company announced Changan Motors as HARMANas first China-based automotive infotainment customer. The award builds on HARMANas total awarded automotive infotainment business, which was valued at US$11.4B as of September 30, 2011.

About HARMAN

HARMAN ([ www.harman.com ]) designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets a" supported by 15 leading brands, including AKG,Harman Kardon, Infinity, JBL, Lexicon andMark Levinson. The company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 25 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 12,500 people across theAmericas,EuropeandAsia, and reported net sales of$4.0 billionfor twelve months ending September 30, 2011. The Company's shares are traded on theNew York Stock Exchangeunder the symbol NYSE:HAR.

2011 HARMAN International Industries, Incorporated. All rights reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson are trademarks of HARMAN International Industries, Incorporated, registered in the United States and/or other countries. AKG is a trademark of AKG Acoustics GmbH, registered in the United States and/or other countries. Features, specifications and appearance are subject to change without notice.