Monday, 14 November 2016

Samsung acquires Harman for $8 billion

In a bid to enter the growing market for automotive technology to produce "connected" cars, Samsung Electronics on Monday announced its acquisition of US auto parts maker Harman International Industries for $8 billion  .

Earlier this year the Samsung Group announced that it was looking to discover new avenues for growth and it confirmed that a new team was being set up to grow its automotive-related business.

The deal - the largest by Samsung in terms of value - would give the South Korean tech giant a "significant presence" in the global market for online-connected auto parts including telematics, the firm said.

"Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time," Samsung vice chairman Kwon Oh-Hyun said in a statement.

"Harman immediately establishes a strong foundation for Samsung to grow our automotive platform."

Harman produces high-end audio systems and other internet-enabled entertainment features for global carmakers including General Motors and Fiat Chrysler.

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