Samsung’s $8 Billion Entry Ticket to the Automotive Industry
With the purchase of US-based Harman, South Korea's biggest overseas deal ever, Samsung Electronics buys itself into the lucrative automotive industry. Harman claims its products are integrated in more than 30 million vehicles. It generated revenues of US$6.9 billion in the fiscal year 2016, 65% of which is related to automotive. Equally important, the automotive order backlog at the end of June 2016 amounted to US$24 billion. Harman employs around 30,000 people globally, among which are 8,000 software designers and engineers. Harman will operate as a standalone Samsung subsidiary when the deal closes, which is expected in mid-2017.
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