February 24, 2015
Through a press release, the energy subsidiary Samsung SDI announced that it has acquired the battery division of the company Magna International with the intention of increasing the development capabilities of electric cars of the Korean giant.
“The acquisition is a key strategic step for Samsung SDI in order to strengthen the competitiveness of our automotive battery business. It will provide new impetus to expand our business and customer base, ”Samsung SDI CEO Namseong Cho said in the statement.
Magna Styr, a division of Magna International, will now be part of Samsung SDI with its more than 250 employees.
via Samsung consolidates its development of electric cars – FayerWayer.
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