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4-Traders Homepage  >  Equities  >  Nyse  >  Harman International Industries Inc    HAR

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Harman International Industries Inc./DE/ : HARMAN to provide India's Tata Motors with branded audio and infotainment solutions

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04/23/2012 | 12:05pm CET

HARMAN, the premium global audio and infotainment group (NYSE:HAR), announced a strategic multi-year relationship to develop and supply branded audio and infotainment solutions for TATA Motors (NYSE:TTM) India's largest automobile company and parent company of Jaguar Land Rover. The agreement marks the first time an Indian automaker will bring premium branded audio and infotainment systems to the domestic market.

HARMAN will leverage its world-class engineering and development teams to create custom audio, navigation, and multimedia solutions for vehicles across Tata's model lines. The first Tata vehicle to include HARMAN products will be the limited edition TATA Aria MPV, which will include a premium branded audio system under HARMAN's JBL brand. The 360-watt JBL sound system features ten speakers with a dedicated subwoofer, and was previewed earlier this year at the New Delhi Auto Expo.

"This agreement with TATA Motors represents a milestone in the growth of branded audio and infotainment system for the Indian market, and we are tremendously proud and honored to be selected by TATA as their trusted supplier," said Dinesh Paliwal, HARMAN's Chairman, President and Chief Executive Officer. "Our development teams will work very closely with TATA's engineering staff to create unique products that will surprise and delight customers. Together, HARMAN and TATA will set a new benchmark in OEM installed sound and infotainment in the domestic Indian market."

"TATA Motors will intensify the application of the Infotainment and Acoustic Platforms developed by HARMAN and offer world class solutions in this domain in its future Passenger Car platforms both for the Indian and Export Markets. HARMAN's innovative technologies and large presence in all the premium cars in the world market will help us take our cars to the next level." said Mr.P.M. Telang, Managing Director - India Operations of Tata Motors.

HARMAN is the leading supplier of advanced connectivity, infotainment, and audio to the world's automakers, including Audi, BMW, Chrysler, FIAT, Ferrari, General Motors, Hyundai, Kia, Lexus, Land Rover, Mercedes Benz, Porsche, Toyota, and Volkswagen. HARMAN maintains manufacturing and R&D operations around the globe.

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 - supported by 15 leading brands, including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon® and Mark 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 13,000 people across the Americas, Europe and Asia, and reported net sales of $4.2 billion for twelve months ending December 31, 2011. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.

© 2012 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.

HAR-C

HARMAN International
Nicole Mehr, +49 7248 71 1272
Director Corporate Affairs and Communications Europe
nicole.mehr@harman.com
or
Darrin Shewchuk, +1 203 328 3834
Director, Corporate Communications
darrin.shewchuk@harman.com
or
Robert Lardon, +1 203 328 3500
Vice President, Investor Relations
robert.lardon@harman.com


© Business Wire 2012
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Financials ($)
Sales 2017 7 413 M
EBIT 2017 769 M
Net income 2017 435 M
Debt 2017 546 M
Yield 2017 1,30%
P/E ratio 2017 19,16
P/E ratio 2018 15,42
EV / Sales 2017 1,12x
EV / Sales 2018 1,05x
Capitalization 7 789 M
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Mean consensus HOLD
Number of Analysts 12
Average target price 105 $
Spread / Average Target -5,4%
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NameTitle
Dinesh C. Paliwal Chairman, President & Chief Executive Officer
David J. Slump Executive Vice President-Operations
Sandra E. Rowland Chief Financial Officer & Executive Vice President
Marty O'Brien Chief Information Officer & Vice President
Henry Tirri Chief Technology Officer & Executive VP
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