Samsung Announces Plans To Acquire Harman

Samsung is a company that produces all kinds of goods, ranging from the commercial like smartphones, computers, fridges, washing machines, and also supplies to other companies like manufacturing memory, storage, processors, and more. Now it seems that Samsung wants to make a bigger push in the automotive field by acquiring Harman.

In an announcement by the company, Samsung revealed their plans to acquire Harman for $112 per share in cash, which should bring the total acquisition’s worth to about $8 billion. Harman is a company that produces automotive electronics and it is estimated that more than 30 million vehicles in the market today are equipped with their products.

Considering that both Apple and Google are making pushes into the automotive space with CarPlay and Android Auto, we guess it makes sense that Samsung wants a piece of that pie as well. Recently Google has made it so that drivers won’t need to buy a new car or an infotainment system as Android Auto can now be run directly on Android-powered smartphones itself.

According to Oh-Hyun Kwon, Vice Chairman and Chief Executive Officer of Samsung Electronics, “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.”

Tyler Lee
Categories: General, Transportation
Tags: Samsung