Samsung SDI has agreed to acquire the battery pack business of Magna International, with the transaction expected to be completed during the first half of this year, pending regulatory approvals.
Financial terms of the deal are not being disclosed.
“The acquisition is a key strategic step for Samsung SDI to strengthen the competitiveness of our automotive battery business,” said SDI president and CEO, Namseong Cho.
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“It will provide new momentum to expand our business and customer base.”
With the agreement, Samsung SDI will acquire the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International, including all 264 employees, production and development sites, as well as existing contracts of the business.
The global market for electric vehicles, including hybrid and plug-in hybrid models, is forecast to reach 7.7m vehicles by 2020, compared with 2m in 2014, according to research firms B3 and IHS.
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