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Harman Acquiring AMX For $365M

Thu, 05/22/2014 - 3:07pm

STAMFORD, Conn. (AP) -- Harman International Industries Inc. said Wednesday that it is buying audio and visual equipment maker AMX LLC for $365 million.

Harman, which is based in Stamford, Conn., said the deal with The Duchossois Group Inc. will expand its reach beyond the car, where Harman focuses many of its products.

AMX, founded in 1982, provides hardware and software to help with the audio and visual elements used in conference rooms, hotels, classrooms and more. The company is based in Richardson, Texas, and employs more than 600 people in its 19 locations worldwide.

Shares of Harmon, which owns brands such as JBL, Lexicon and Studer, increased 62 cents to $104.11 by midday Wednesday, in line with broader market trends.

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