Stamford-based Harman to be Acquired by Samsung
/Even as Connecticut’s economic development leaders toil diligently to retain and attract industry-leading businesses to the Land of Steady Habits, market forces at times pull in different directions. That is again in evidence as Samsung has announced it will buy Stamford-based Harman for $8 billion.
The acquisition of will make Samsung a major player in automotive technology, and removes an independent corporate headquarters from the state’s roster. Earlier this year, Harman was one of four Connecticut-based companies to be named among the most innovative companies by Fast Company magazine. Harman ranked seventh on the Fast Company ranking of the 10 most innovative companies in the automotive sector.
Upon closing, Harman will operate as a standalone Samsung subsidiary, and continue to be led by Dinesh Paliwal and Harman’s current management team, both companies indicated in a news release. Harman has a workforce of approximately 30,000 people across the Americas, Europe, and Asia and reported sales of $7.0 billion during the 12 months ended September 30, 2016.
“Samsung is pursuing a long-term growth strategy in automotive electronics, and plans to retain Harman’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands. Samsung believes the combination will increase career development and advancement opportunities for the employees of both companies,” the news release stated. 
“This compelling all-cash transaction will deliver significant and immediate value to our shareholders and provide new opportunities for our employees as part of a larger, more diversified company,” Harman Chairman, President and CEO Dinesh Paliwal said.
For Samsung, it is the biggest overseas acquisition ever by a South Korean firm, according to the news service Reuters. The Harman acquisition is subject to regulatory approvals and is expected to close in mid-2017, reports indicate. The agreement has been unanimously approved by the boards of directors of both companies.
Harman's products, which provide infotainment, telematics, connected safety and security services, are used in more than 30 million vehicles made by automakers such as BMW, Toyota Motor Corp and Volkswagen, according to its website. Harman’s portfolio of audio brands includes AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson®and Revel®
Harman executives will be at the Fleet Europe Forum and Awards on November 16 in Barcelona, Spain to highlight Harman's premium products for the fleet industry , which caters to businesses, government agencies and other organizations that purchase or lease groups of vehicles to support their services.


The STSI's 107 individual indicators are sorted into five composites: Research and Development Inputs, Risk Capital and Entrepreneurial Infrastructure, Human Capital Investment, Technology and Science Workforce, and Technology Concentration and Dynamism. The report indicated that "Connecticut showed major improvement in the Technology Concentration and Dynamism index, going from 21st to 10th. This dramatic rise marks one of the larger overall changes on this index. While modest increases were seen in the Research and Development Inputs index and Human Capital Investment index, these two indices have a much heavier focus on stock measures, and Connecticut’s aerospace and defense sectors help anchor the state’s performance in these areas."
In the Human Capital Investment composite index, Connecticut ranked third, as it did in 2014 and 2012, after ranking fifth in 2010. In Research & Development, Connecticut placed eighth, its second highest finish, after ranking tenth, seventh and seventh in previous indexes. Connecticut ranked 11th in Risk Capital and Entrepreneurial Infrastructure, up from 14th two years ago, but not as high as sixth place in 2012 and third in 2010.


Connecticut's favorite Halloween candy is Almond Joy, with 2,619 pounds of it, on average, ordered each year, the website indicated. Milky Way is Connecticut's second favorite Halloween candy, with 1,366 pounds ordered. M&M's placed third, at 910 pounds on average.

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Council members included parents, teachers, curriculum specialists, principals, superintendents, board of education members, higher education professors, business leaders, and State Department of Education staff members with the purpose of closely examining the current state of mathematics education in Connecticut.
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Unite For Sight's international eye care services with partner local eye clinics are provided year-round and are comprehensive, including examinations by local eye doctors, diagnosis and care for treatable conditions, education, and preventative care. The organization’s website indicates that Unite For Sight has provided eye care services to more than 2.1 million people worldwide, including more than 93,166 sight-restoring surgeries.
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Recent articles by The New York Times and Atlantic are referred to, noting that they also reflected poorly on the state’s current condition. National Review adds to the journalistic observations of a state filled with seemingly intractable dilemmas, noting that “Connecticut’s tax system is currently so dependent on the incomes of Fairfield County high-earners — as Governor Malloy has often made clear — that even the slightest variations can trigger a budget crisis.” The article adds, however, that “finance lies somewhere near the bottom of a long list of factors in explaining the current state of Connecticut.”
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