Nov 14, 2016
Samsung to Buy Harman International
Samsung said it would pay $8 billion for Harman International Industries, an American automotive technology company.
HONG KONG — Samsung Electronics is spending $8 billion to get inside your car.
Samsung, the South Korean electronics giant — which already makes popular but recently problem-plagued smartphones — said on Monday that it had agreed to buy Harman International Industries, an American automotive technology company, in an ambitious push into a whole different kind of mobile.
Harman is best known for making car audio systems under brand names popular with audiophiles such as Harman/Kardon and JBL. But Harman's appeal to Samsung comes from what it calls its connected car business — an operation that supplies a car's navigation services, its onboard entertainment systems and its connectivity to the rest of the world.
"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," Young Sohn, the president and chief strategy officer of Samsung Electronics, said in a news release.
The New Your Times
By AMIE TSANG
Photo: Kim Hong-Ji/Reuters