Stamford-based Harman International Industries Inc. opened a plant in China to make speakers, amplifiers and other audio electronics for vehicles made by BMW, General Motors Corp. and Kia among others.
The facility is in Suzhou northwest of Shanghai and has 320 employees; the company now has as between 800 and 1,000 workers in China, depending on product demand. Harman has about 12,000 employees worldwide.
Separately, Harman International announced it is maintaining the terms of a previous bonus compensation agreement with Dinesh Paliwal, its chief executive officer, after considering replacing a potential cash bonus with an award of equity. Under the terms of the agreement, Paliwal can receive a one-time bonus if Harman International stock is trading above an estimated level of $115 (NYSE: HAR) in 2012, adjusted for shares outstanding and debt levels. Paliwal is eligible to receive up to $75 million if the company”™s stock trades as high as $260.
Paliwal received $14.1 million in compensation for Harman International”™s fiscal year ending in June, including hiring incentives and not counting awards of stock options that vest in future years. Before becoming CEO of Harman International in July 2007, Paliwal was CEO of ABB Ltd.”™s North American operations.
