[sachu]

Quote:

Originally Posted by Awk.Pine /img/forum/go_quote.gif Quote: Originally Posted by sachu Looks like Harman International Inc has been acquired by some other company.. Hilarious. (I understand that most people don't know Goldman Sachs, but those who do surely wouldn't think of it as "some other company.")

Goldman Sachs is one of the companies buying Harman out.
I was referring to the name of the other one..Kholberg... something, was too long to type out anyway.

 

[Jahn]

Quote:

Originally Posted by sachu /img/forum/go_quote.gif Goldman Sachs is one of the companies buying Harman out. I was referring to the name of the other one..Kholberg... something, was too long to type out anyway.

see? i'm psychic!

 

[markl]

Quote:

while brands like Mark Levinson and Revel get plastered on $50.00 computer speakers.

Bingo! We have a winner.

Sad thing is this is already going on. I saw ads for some new car with a "Mark Levinson surround sound car stereo system".

 

[swt61]

Lexus has had a Levinson system for a while now. I bet Mark wishes he hadn't used his name for the company, it's a cryin' shame what's happened to it. Cello and Red Rose are so much more anonymous.

 

[Uncle Erik]

Quote:

Originally Posted by zowie /img/forum/go_quote.gif It's a public company.

It was a public company. The article says they're taking it private again. Probably sick of Sarbanes-Oxley, among other things.

It'll be interesting to see how this shakes out. Without corporate beancounters holding the reins, AKG might come up with something radical again, like the K-1000. Or maybe they'll bring it back, knowing its status and value to the brand. I'm cautiously optimistic about this.

 

[zowie]

Quote:

Originally Posted by AndrewFischer /img/forum/go_quote.gif How much stock do the Harman's own? Even 1% of $8B is a heck of a lot of money.

The report I saw said managment (not just the Harmans, but probably mostly the Harmans) own about 7%.

This is not at all like Audiovox buying A/R, or for that matter H/K buying Levinson. H/K is about 93% owned by hundreds or thousands of insititutions and individuals. I don't have time to check now, but probably a few mutual funds own pieces that are of similar size as the Harmans'. Once the deal closes, it will mostly be owned by three institutions instead of hundreds, although I'd be surprised if management didn't keep a minority piece of some kind to insentivize them to continue to strive for the good of the business. So I'd say the deal is neutral as to what kind of quality products we see.

 

[AndrewFischer]

Quote:

Originally Posted by zowie /img/forum/go_quote.gif The report I saw said managment (not just the Harmans, but probably mostly the Harmans) own about 7%.

Around $500 million dollars. I don't know if Harmon will stick around or not. He didn't when he sold out to Beatrice. As I recall he got into politics.

Edit: Just found this http://www.opensecrets.org/politicia...?CID=N00006750 . and this http://www.opensecrets.org/pfds/pfd2...06750_2005.pdf

I had no idea Jane Harman was perhaps the wealthiest person in congress. That is before the sale of Harman.

Sale may not make any real difference in the family personal finances.


Harman Intl. has been well run. H/K may not be as special as it was in 1962, but they still make a decent product. Change is unlikely to improve H/K or AKG but it might make it worse.

AKG's recording microphones are a minuscule part of Harman. Worst case a bean counter at Goldman Sachs decides the microphone factory property and buildings are worth more than the business. Please tell me that Harman doesn't own Neumann.

 

[Davesrose]

Quote:

Originally Posted by Uncle Erik /img/forum/go_quote.gif Or maybe they'll bring it back, knowing its status and value to the brand. I'm cautiously optimistic about this.

I'd doubt that. The k1000 wasn't a best seller, and since it would cost a lot to try to make new molds for doing a re-run: well it wasn't much of a value for them...I'm sure they'd want better sales.

 

[sawatzky]

WOW, you don't see that very often... the company's going private. Things must be going pretty good for them then.