Samsung buys automotive electronics-maker Harman for $8 billion to take on Apple, Google

“Samsung Electronics is buying automotive electronics-maker Harman International Industries for $8bn (£6.4bn), as it makes a big push into connected car technologies,” BBC News reports. “Internet-connected cars will improve in-car entertainment, and be able to help with crash alerts and diagnosing engine problems. It will also be key for driverless technology. Samsung said automotive electronics was ‘a strategic priority.'”

“‘The vehicle of tomorrow will be transformed by smart technology and connectivity in the same way that simple feature phones have become sophisticated smart devices over the past decade,’ Young Sohn, Samsung’s president and chief strategy officer, said in a statement,” The Beeb reports. “Samsung generates the bulk of its revenues from its smartphone business, but is now looking for new areas of growth.”

MacDailyNews Take: Gee, wonder why? (smirk)

“Harman, which has its headquarters in Connecticut, makes products that are used in more than 30 million vehicles,” The Beeb reports. “The deal is expected to be completed in mid-2017. Harman’s chief executive, Dinesh Paliwal, will continue to run the company.”

Read more in the full article here.

MacDailyNews Take: Buh-bye, Harmon.

SEE ALSO:
Apple said to develop car operating system in Canada – October 25, 2016
Apple scales back ‘Project Titan,’ effort no longer includes building own car – October 17, 2016
Apple’s Bob Mansfield reboots Apple Car project, lays off several dozen employees – September 10, 2016
South Korea company’s never-before-revealed battery technology expected to be Apple Car’s ‘secret weapon’ – August 9, 2016
Apple Car: Everything we know about Apple’s mysterious ‘Project Titan’ – July 29, 2016
Apple Car: An operating system licensed to other auto-makers? – July 29, 2016
Apple hires founder of QNX with Apple Car project increasing focus on self-driving software – July 28, 2016
Apple taps Bob Mansfield to oversee Apple Car project – July 25, 2016

16 Comments

  1. I brought a used lexus just because of the Mark Levinson sound system. I really enjoyed Harman Kardon (never own a Mark Levinson home theater) and JBL. Now if samsung does buy it, the Harman branded devices are the las I will ever posses.

    1. I hope you were a substantial shareholder. Because shareholders just got a really good deal. Time to sell and bail. So sorry to those any remaining employees left behind.

    1. Do you always make it up as you go along? Just say some crap and assume you will be believed? Or is the audience here you have zero respect for?

      Harman has been extremely profitable for the last decade excluding an 16 month period in the middle of the great recession when the auto industry was essentially bankrupt.

      I hate stupid especially extra stupid who just says BS to go along with the crowd. You are pathetic.

      Net profits the last three years;
      2016 – $361,734,000
      2016 – $342,680,000
      2016 – $234,692,000

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