Samsung Electronics will purchase Harman International, one of the world’s largest producers of in-vehicle electronics, for $8 billion.
The move could position the Korean technology giant as a leader in the emerging field of connected cars. It also will let it play a critical role in automotive cybersecurity, a subject of increasing concern as hackers begin to target ever more high-tech automobiles.
“We see substantial long-term growth opportunities in the auto technology market as demand for Samsung’s specialized electronic components and solutions continues to grow,” said Samsung Electronics President and Chief Strategy Officer Young Sohn.
With annual sales of around $7 billion, Harman is perhaps best known as a producer of mid and high-end in-car audio equipment, including the automotive lines of Bang & Olufsen. An estimated 30 million vehicles now are equipped with one of those systems.