Samsungs to Buy Harman for $8 Billion

Samsung to Buy Harman for $8 Billion

Intro

Samsung continues its focus on the connected car industry after it made a move to buy auto and audio product maker, Harman, in an $8 billion acquisition which comes as the biggest in its history.

Many of us may not know that Harman is into cars as the company has made a name for itself in the audio world. In the past few years, Harman has managed to produce and sell more car-related products; just last year, it sold car-related products worth $7 billion. Harman produces connected car devices and audio systems, and these have been installed in over 30 million vehicles worldwide.

With this acquisition, the tech giant will be able to challenge top competitors like Google and Apple in the in-car entertainment and software systems niche and it will be able to grow its web of consumer electronics products. According to a statement released by Oh-Hyun Kwon, the Vice Chairman and Chief Executive Officer of Samsung electronics, “Harman perfectly complements Samsung in terms of technologies, products, and solutions. We also know that joining forces with Harman is a natural extension of the automotive strategy we have been pursuing for quite some time.”

Samsungs to Buy Harman for $8 Billion



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