Samsung Acquires Harman
...is automotive-related, and the company’s audio, navigation, and “connected car” solutions are embedded in more than 30 million vehicles currently on the road.
“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,” said 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.”
“The vehicle of tomorrow will be transformed by smart technology and connectivity in the same way that simple feature phones have become sophisticated smart devices over the past decade,” added Young Sohn, President and Chief Strategy Officer of Samsung Electronics. “We see substantial long-term growth opportunities in the auto technology market as demand for Samsung’s specialized electronic components and solutions continues to grow.”
Upon closing, Harman will operate as a standalone Samsung subsidiary, and continue to be led by CEO Dinesh Paliwal and Harman’s current management team. No immediate changes are anticipated at the Professional Solutions division, which includes the JBL pro, AKG, Crown, Soundcraft, BSS, and Digitech, brands.
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