Digging further into the auto-parts game, Samsung SDI announced it would buy Magna International's battery-pack business.
Reuters reports the subsidiary of the South Korean chaebol, which makes packs for the BMW i3 and i8, is bringing the entirety of Magna subsidiary Magna Steyr's battery-pack production unit into the fold, including all 264 employees, and production and development sites.
Per Samsung SDI President and CEO Nameseong Cho, the move "will provide new momentum to expand our business and customer base," including those in Europe, North America and China.
The value of the deal between the two parties was not made public, and the deal will be completed in Q1 2015 pending regulatory approval.
The post Samsung SDI Buys Battery-Pack Business From Magna appeared first on The Truth About Cars.
from The Truth About Cars http://ift.tt/Jh8LjA
Put the internet to work for you.
No comments:
Post a Comment