Samsung Announces Acquisition of Magna International's Battery Pack Business

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Posted February 23, 2015 at 10:49pm by iClarified

Samsung has announced the acquisition of Magna International's entire battery pack business.

The acquisition is expected to enhance Samsung SDI’s capabilities in batteries for electric vehicles by combining the company’s established leadership in battery cells and modules with Magna's expertise in battery packs. Magna’s advanced technology and experience in providing global automakers with battery packs will also help Samsung SDI secure customers in the fast-growing automotive battery markets in Europe, North America and China.

"The acquisition is a key strategic step for Samsung SDI to strengthen the competitiveness of our automotive battery business,” said Namseong Cho, President and CEO of Samsung SDI. "It will provide new momentum to expand our business and customer base.”

Under the agreement, Samsung SDI will acquire the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International, including all 264 employees, production and development sites and existing contracts of the business. Financial terms of the deal will not be disclosed. The transaction is expected to be completed during the first half of 2015, pending regulatory approvals.

Notably, Magna International was rumored as a partner for Apple in its efforts to develop an electric vehicle. Apple executives reportedly met with the company but a spokeswoman declined to comment on the discussions.

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Samsung Announces Acquisition of Magna International's Battery Pack Business

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Samsuck - February 24, 2015 at 9:50am

Looser, Samsung can only make hardware. Xiaomi is kicking their ass everywhere not just because they r cheaper and better but also xiaomi has a whole ecosystem from hardware, software and services. Xiaomi also copy but much nicer than Samsung!

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Adam - February 24, 2015 at 12:15pm

Samsung manufactures some of apples chips based on apples design and specification and you say all the chips come from Korea and China? Let remind you, Intel, AMD and the OS Samsung uses (android) are American, also Samsungs own chips are based on ARM architecture which is British so do your research before talking BS!

hamood_d10 - February 24, 2015 at 6:41am

Samsung a copycat company

Bill - February 24, 2015 at 3:54am

Note to self: a meeting with apple will get you acquired!

areilly111 - February 24, 2015 at 3:51am

Lol the only Crashes I've herd of were on the iPhone 4 which is crap. Not all devices get it.

Samsuck - February 24, 2015 at 9:44am

R u using a Samsung laptop running windows XP at home?

Chefe - February 24, 2015 at 12:08am

Let the comments for who know what's the difference between Apple & Samsung. Apple is the company who give us a revolutionary concept about future of technology and Samsung is the company who give us technology for the future. The only difference is that, Apple invent and Samsung produce for their self and for Apple. The rest is history.

Ren - February 23, 2015 at 11:59pm

Revolutionize = Copy and Alter the sell it to suckers

Ren - February 23, 2015 at 11:03pm

LMAO! Very True.

Samsuck - February 24, 2015 at 9:53am

But Samsung needs Apple much more than Apple needs Samsung.