Crown to Become Part of Harman

Crown International, Inc. announced that it has reached agreement in principle with Harman International Industries, Inc. for the sale of substantially all of Crown's assets.

Harman plans to continue the operations of Crown as an independent business unit under the direction of its current management team at its existing locations in Elkhart with the existing workforce.

"The opportunity to join forces with Harman is an extraordinary one," said Richard A. Newberry, Crown CEO. "The synergies available to us as a combined company are significant. This is the right move at the right time for Crown, its employees, its customers and its shareholders."

Harman CEO Bernard Girod commented, "Crown is an excellent fit for us. We are pleased to bring Crown into the Harman family. We have been impressed by its management and the quality of its workforce and products. When the acquisition is completed, Richard A. Newberry will report to Mark Terry, President of Harman's Professional Group North America."

Crown employs approximately 700 people in Elkhart, Indiana. Annual sales are approximately $70 million. The proposed purchase is expected to close in approximately 30 days. It is subject to execution of a definitive agreement, regulatory approval and other customary conditions. Terms of the transaction were not disclosed.