Parent of Martinsville car audio maker to be acquired

April 26, 2007

Harman International Industries Inc. has agreed to be acquired by two private equity firms for about $8 billion.

Harman/Becker Automotive Systems, a car audio manufacturing unit of the Washington D.C.-based company, is located in Martinsville, where it employs about 500.

The plant in February said it would cut about 84 jobs because it is moving some of its work to Mexico, according to the Reporter-Times of Morgan County. Harman is being bought by affiliates of Kohlberg Kravis Roberts & Co. LP and GS Capital Partners.

The deal is expected to close in the third quarter.

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