Samsung SDI To Acquire Magna’s Battery Division
Samsung SDI, lithium-ion battery manufacturer and supplier to BMW electric cars, announced the acquisition (pending regulatory approvals) of the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International (including all 264 employees, production and development sites and existing contracts of the business).
Financial terms of the deal weren’t disclosed. The whole acquisition process should be completed in a few months.
Samsung SDI will be then be able to offer not only battery cells, but whole packs for automotive use.
“Samsung SDI Co. Ltd. (KRX:006400), a global leader in energy solutions and electronic materials, has agreed to acquire the battery pack business of Magna International, a leading global automotive supplier.
The acquisition is expected to enhance Samsung SDI’s capabilities in batteries for electric vehicles by combining the company’s established leadership in battery cells and modules with Magna’s expertise in battery packs.
Magna’s advanced technology and experience in providing global automakers with battery packs will also help Samsung SDI secure customers in the fast-growing automotive battery markets in Europe, North America and China.”
Namseong Cho, President and CEO of Samsung SDI stated:
“The acquisition is a key strategic step for Samsung SDI to strengthen the competitiveness of our automotive battery business. It will provide new momentum to expand our business and customer base.”
In the end of press release we see that Samsung SDI is bullish on the future of electrification, expecting strong growth of sales:
“The global market for electric vehicles, including hybrid and plug-in hybrid models, is forecast to reach 7.7 million vehicles by 2020, compared with 2.1 million in 2014, according to research firms B3 and IHS.”
Categories: Battery Tech