harman international (HAR) Key Developments
Harman International Industries, Incorporated and Quirky Partner to Develop the Next Generation of Audio Products
Apr 7 15
HARMAN International Industries, Incorporated and Quirky announced a new partnership to jointly develop the next generation of audio products. The creative people around the world are invited to go to quirky.com/harman/the-headphones-of-tomorrow to submit ideas to create the headphones of tomorrow. Quirky makes invention accessible by bringing real people’s product ideas to life with the help of a global community and in-house team of engineers and designers. The partnership between HARMAN and Quirky is the second Powered by Quirky initiative, which enables larger organizations to implement Quirky’s unique community-driven product development process. This partnership brings together HARMAN’s legacy of premium audio and Quirky’s inventive edge in categories like connected technology. HARMAN will leverage Quirky’s platform to generate new ideas for their portfolio of brands, which includes Harman Kardon, JBL, and Infinity.
Harman International Industries, Incorporated and Harman Holding GmbH & Co. KG Enter into New Senior Unsecured Credit Facility of $1,200 Million
Mar 26 15
On March 26, 2015, Harman International Industries, Incorporated and Harman Holding GmbH & Co. KG (Harman KG), entered into a Multi-Currency Credit Agreement with J.P. Morgan Securities LLC, HSBC Bank USA, N.A., UniCredit Capital Markets LLC, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers and bookrunners, JPMorgan Chase Bank, N.A., as administrative agent, HSBC Bank USA, N.A., UniCredit Capital Markets LLC, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as syndication agents, Citizens Bank, N.A., TD Bank, National Association and The Bank of Tokyo-Mitsubishi UFJ Ltd., as documentation agents, and the other banks and financial institutions party thereto. The Credit Agreement provides for a five-year unsecured multi-currency revolving credit facility in the amount of $1,200 million (the Aggregate Commitment) with availability in currencies other than United States dollars of up to $750 million. Up to $50 million of the Aggregate Commitment will be available for letters of credit. Subject to certain conditions set in the Credit Agreement, the Aggregate Commitment may be increased by up to $500 million. The company may select interest rates for borrowings under the Credit Agreement equal to LIBOR plus an applicable margin, EURIBOR plus an applicable margin or a base rate plus an applicable margin, which in each case is based on the company's total leverage ratio, as defined in the Credit Agreement. The company is obligated to pay a facility fee on the Aggregate Commitment, whether drawn or undrawn, which is based on the company's total leverage ratio. Any proceeds from borrowings under the Credit Agreement may be used for general corporate purposes. The Credit Agreement includes certain financial condition covenants, including covenants that do not permit the company to allow its ratio of consolidated EBITDA to consolidated cash interest expense to be less than 3.5:1.0 or its ratio of consolidated total debt to consolidated EBITDA to exceed 3.5:1.0, or following certain acquisitions, 4.0:1.0, each calculated as of the end of the applicable fiscal quarter on a rolling four-quarter basis. The terms consolidated EBITDA, consolidated cash interest expense, and consolidated total debt are defined in the Credit Agreement. The Credit Agreement also contains certain negative covenants that limit, among other things, the company's ability to permit certain of its subsidiaries to incur debt, incur liens, make fundamental changes (including selling all or substantially all of its assets), undertake transactions with affiliates and undertake sale and leaseback transactions. The Credit Agreement is subject to acceleration upon certain specified events of default, including failure to make timely payments, breaches of representations or covenants, or a change of control of the company, as such term is defined in the Credit Agreement.
Harman International Industries Appoints Avi Reichental to Board of Directors
Mar 26 15
Harman International Industries, Incorporated announced that Avi N. Reichental has been elected to the Company's Board of Directors effective April 1, 2015, bringing the size of the Board to 10 directors. Reichental is President and Chief Executive Officer of 3D Systems, a leading provider of advanced and comprehensive 3D digital design and fabrication solutions. Since joining 3D Systems in 2003, his passion to democratize the design-to-manufacturing process has driven the company's growth and positioned it as a global 3D content-to-print leader. Today, 3D Systems equips professionals and consumers across all industries with the tools necessary to bring ideas to life through 3D printers, print materials, cloud-sourced custom parts and more.
Harman International Expands Collaboration with Land Rover
Mar 12 15
HARMAN International Industries, Incorporated has expanded its collaboration with Land Rover to deliver the new generation of infotainment to the Range Rover Evoque. The range of improvements engineered into the 2016 model year Range Rover Evoque InControl infotainment system by HARMAN includes a series of new convenience features designed to offer drivers and passengers a more intuitive experience. Commanding the infotainment system is made easier with the introduction of natural language interaction, so that everyday phrases and instructions can be used for tasks such as entering destination and routes and operating radio functions. A range of features are standard to the system's navigation capabilities, including powerful 3D imaging, point-of-interest data, as well as route alternatives, lane-guidance, road name announcement and traffic events read out. As well as providing a full media experience with radio (FM/AM/DAB/HD), USB, AUX, SDARS, iPod, Bluetooth audio, video and image player, the system integratesa range of connectivity features through Land Rover's InControl system. The system includes access to many popular smartphone apps, WiFi connectivity, climate control functions and more.
Harman Announces the Release of First Publically Available iOS Software Development Kit
Mar 3 15
Harman International Industries, Incorporated announced that it has released the first publically available iOS Software Development Kit (SDK) for the Harman Kardon Omni Wireless HD home audio system. This SDK allows third party developers to create innovative home audio and IoT (Internet of Things) experiences for iOS device users. Supporting this and future SDKs, HARMAN’s Developer Community provides software tools to help third parties build high-performance, value-added apps. Developers will find it easier to explore, innovate and participate in the new ecosystem of connected audio and IoT experiences by accessing tools, downloads and community forums. The HARMAN Developer Community will leverage HARMAN know-how and technology portfolio and what is created now may become part of an expanded experience tomorrow. The HARMAN Wireless HD Audio SDK is built on and powered by BLACKFIRE RESEARCH™ wireless media technology under license from BLACKFIRE RESEARCH Corporation. In addition, the SDK includes a HARMAN abstraction helper library, documentation and example applications built with the SWIFT programming language. Once integrated into the third party iOS application, the HARMAN library allows access to speaker detection, audio streaming, speaker controls and Wi-Fi signal strength. Additional features will be announced in the near future.