The deal by Harman (parent company of JBL, whose EON series is pictured) to buy the Brazil-based audio manufacturer is expected to close within four to six weeks. Subject to final documentation, the acquisition will bring a leading player in the Latin American loudspeaker business into the Harman portfolio.
Founded in 1958, Eletrônica Selenium S/A manufactures and sells professional loudspeakers including line arrays, screen and portable systems, along with related technologies for both the public sound reinforcement and automotive markets.
"We look forward to welcoming the world-class technologies and talented employees of Eletrônica Selenium to the Harman organisation," said Dinesh C. Paliwal, chairman, president and CEO. "This acquisition will be an excellent fit to grow both our professional and consumer businesses and add some robust distribution channels with which to serve the fast-growing Latin America markets. Our products and technology philosophies are highly complementary, and we look forward to helping Eletrônica Selenium unlock new business potential."
"We are excited at the prospect of further energising Eletrônica Selenium's offering with Harman brand and technology expertise," said Rodrigo Rihl Kniest, Selenium's chief executive officer. "Harman's legendary brands are extremely popular in Brazil and we look forward to leveraging this brand power through our strong distribution channels. Our customers expect increasingly advanced audio solutions, and Harman's rich portfolio across the automotive, consumer and professional markets will enable us to drive new business opportunities."
Eletrônica Selenium employs nearly 350 people at its combined 250,000 sq. ft. manufacturing facilities in northern and southern Brazil. The company also has sales offices serving the US and Europe, while its market channels include a network of more than 30 distributors across Brazil and two distribution & logistics centres in the US.