Masimo sells consumer audio business to Harman
Masimo Corporation has entered into a definitive agreement to sell its Sound United consumer audio business to Samsung subsidiary Harman International for USD 350 million.
The sale follows a review of Masimo's consumer audio business and will support the company’s focus on driving innovation in its core professional healthcare segment. The transaction is expected to close by the end of the year, subject to receiving necessary regulatory approvals.
“Since I took over as CEO, a key objective has been refocusing our business to ensure we are allocating time and resources to areas of unmet clinical need and driving growth and operational efficiencies. This transaction aligns with these objectives,” says Katie Szyman, Chief Executive Officer of Masimo, in a press release.
For Harman, the acquisition represents a strategic step forward in the expansion of its core audio business and footprint across product categories such as Home Audio, Headphones, Hi-fi components, and Car Audio
“It complements our existing strengths and opens new avenues for growth. Sound United’s portfolio of world-class audio brands including Bowers & Wilkins, Denon and Marantz, will join Harman's iconic family of brands, including JBL, Harman Kardon, AKG, Mark Levinson, Arcam, and Revel,” says Dave Rogers, President of Harman's Lifestyle division.