Samsung Announces Acquisition of Magna International's Battery Pack Business

Samsung Announces Acquisition of Magna International's Battery Pack Business

Posted by · 7477 views · Translate
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.

Please follow iClarified on Twitter, Facebook, Google+, or RSS for updates.


Samsung Announces Acquisition of Magna International's Battery Pack Business

Samsung Announces Acquisition of Magna International's Battery Pack Business
ASD - 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!
Looser apple - February 24, 2015 at 1:33am
Marc- That is why people who are running iOS 7 are all experiencing freezes and crashes. Samsung doesn't rely on Google they choose to samsung has its own software dummy it's called Tinzen. Also ios is not the most stable os you want rock solid is that is impossible to hack go buy a blackberry and try out the is that crashes at least once in a blue moon. That's what real businesses use because it's the most secure. That my friend is made in Canada not USA. All apple does is take all the innovation that is out there and make it more pretty for you suckers to buy. Go see the Jimmy the late talk show host they were laughing on people saying it's the new iPhone and people believed that's how dumb Apple users are. Then you talk about copying samsung was the first to make big phones what did Apple do copy. But it's ok right cause it's Apple please lol
YoloSwag240 - 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?
10 More Comments
Recent