Product of four Hadamard matrices

We prove that if there exist Hadamard matrices of order 4m, 4n, 4p, and 4q then there exists an Hadamard matrix of order 16mnpq. This improves and extends the known result of Agayan that there exists a Hadamard matrix of order 8mn if there exist Hadamard matrices of order 4m and 4n.