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Samsung to Acquire Harman for $8B as Part of Auto Plans

Monday, November 14, 2016 11:42
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Samsung is planning to fork over $8 billion to acquire Harman International Industries, a company known for its connected car technology.

The purchase gives Samsung a new corner on the Smart car market — something that has been “a strategic priority” for the company. The $8 billion is buying more than just Harman’s technology and 8,000 software designers and engineers, however  — it is also buying the U.S. company’s relationship with leading automotive companies.

samsung_logo-svg“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 CEO Oh-Hyun Kwon said  in a press release.

“As a Tier 1 automotive supplier with deep customer relationships, strong brands, leading technology and a recognized portfolio of best-in-class products, Harman immediately establishes a strong foundation for Samsung to grow our automotive platform. Dinesh Paliwal is a proven global leader and, in our extensive discussions, we have developed deep respect for him, his strong senior leadership team and Harman’s talented employees.  Harman’s sustained track record of rapid growth fueled by technology leadership and an unmatched automotive order pipeline reflects its commitment to innovation and customers.”

Samsung said it expects the combination of the company’s talents to supply both financial growth as well as benefits to customers due to increased market penetration.

As part of the deal, which is expected to be finalized in mid-2017, Harman will continue to be led by CEO Dinesh Paliwal, separate from Samsung.
“Combining Samsung’s strengths in leading-edge displays, connectivity and processing solutions with Harman’s technology leadership and long-standing customer relationships will enable OEMs to provide new offerings for their customers,” Paliwal said.
“Partnerships and scale are essential to winning over the long term in automotive as demand for robust connected car and autonomous driving solutions increases at a rapid pace.  This transaction will bring Harman and Samsung’s complementary strengths together to accelerate innovation in this space.”
The deal comes as Samsung struggles to regain lost money and customers in the face of its Galaxy Note 7 debacle.

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Jennifer Cowan is the Managing Editor for SiteProNews.

The post Samsung to Acquire Harman for $8B as Part of Auto Plans appeared first on SiteProNews.



Source: http://www.sitepronews.com/2016/11/14/samsung-to-acquire-harman-for-8b-as-part-of-auto-plans/

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