Harman deal on rocks, Journal reports

September 21, 2007
A deal for the sale of Harman International Industries Inc. might fall apart, The Wall Street Journal reported today.

Harman, which makes audio equipment and is based in Washington, D.C., has a plant in Martinsville called Harman-Becker Automotive Systems. The location slashed 84 of its nearly 500 positions early this year as production moves to a China plant.

Kohlberg Kravis Roberts & Co. and Goldman Sachs Group Inc. said in April they would buy Harman for $8 billion.

The private-equity buyers have cooled on the deal due to the credit crunch and Harman's weak financial results, the newspapers said, citing unnamed sources.
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