Posted by HardOCP News 10:58 AM (CST)
Monday November 14, 2016
It looks like Samsung is making a move to get into the car industry by buying Harman International Industries in an $8 billion all-cash deal. The deal is the largest in Samusung's history and surprising considering the amount of money the company lost due to its recent exploding phone fiasco.
Harman CEO Dinesh Paliwal says that Samsung's displays, connectivity and processing tech is a good fit with his firm's automotive products. "Samsung is an ideal partner for Harman and this transaction will provide tremendous benefits to our automotive customers," he said in a press release. Samsung Vice Chair Oh-Hyun Kwon added that Harman has an "unmatched automotive order pipeline" and a "strong foundation for Samsung to grow our automotive platform."