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.
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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