Harman Reports New Mercedes-Benz Orders for Multimedia Systems

    WASHINGTON--Aug. 15, 2001--Harman International has received major new awards from Mercedes-Benz.
    Rolling forward from July 1, 2002, Harman/Becker will supply all Mercedes-Benz' requirements for navigation systems. The new awards are for integrated infotainment systems with display for all E Class and for DVD navigation systems for all S Class vehicles.
    These awards represent approximately $150 million in incremental sales in fiscal 2003, $300 million in fiscal 2004 and over $400 million in fiscal 2005.
    Commenting on the new award, Gregory Stapleton, President and Chief Operating Officer of Harman International, said: "We are delighted with this decision by Mercedes. It confirms our technological leadership in this critical area. We are now the primary supplier of these sophisticated systems to Mercedes-Benz, BMW, Audi, Porsche and Renault.
    We have also reached agreement with Pioneer and JVC to license our Traffic Pro hardware and software beginning in 2003. Together these new awards and those from Mercedes-Benz reinforce our expectations of 25% annual growth in consolidated earnings for each of the next four years."