Skip to main content
  1. Home
  2. Business
  3. News

Amid scandals and setbacks, Samsung completes its biggest acquisition ever

Lulu Chang
By

samsung harman acquisition sign
Image used with permission by copyright holder
The show must go on for Samsung. Even as its leader, Vice Chairman of the Samsung Board Lee Jae Yong is arrested on bribery and corruption charges, the South Korean giant is pressing ahead with its business. On Saturday, the company announced the completion of its Harman International Industries acquisition, its largest such deal ever. While Samsung has previously opted for smaller deals and created much of its technology in-house, its latest purchase marks a shift away from that strategy.

“Today is a historic moment for us. The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide,” said Young Sohn, President and Chief Strategy Officer of Samsung Electronics, in a statement. “We see transformative opportunities in the car — and a future which seamlessly connects lifestyle across automotive, home, mobile and work.”

Recommended Videos

Sohn also noted that Harman’s “iconic audio brands and capabilities paired with Samsung’s leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets.”

Related

Harman quite the massive company, boasting some 30,000 employees spread out across a number of different brands including not only Harman Kardon, but also Infinity, JBL, Lexicon, and Mark Levinson. Harman will continue to conduct business as an independent subsidiary under the terms of the deal.

“We are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees,” said Dinesh Paliwal, Harman President and CEO. “Samsung shares our commitment to our customers and our culture of speed, innovation and execution. Samsung provides Harman with the scale, platform and complementary technologies to accelerate growth and extend our global market leadership in automotive, smart audio and connected technologies.”

Paliwal will remain at the helm of Harman, as will his management team, and will also maintain his position on the company’s board. That said, Samsung will now become the parent company to Harman’s work force, headquarters and facilities, and all its consumer and professional audio brands.

“Recognizing the importance of partnerships in an increasingly connected world, particularly in automotive, we are poised to leverage our combined teams and resources to produce even greater value for our customers,” Paliwal concluded, “Working closely with automakers and other technology companies, Samsung and HARMAN will define — and drive — the future of automotive.”

Editors' Recommendations

Topics
Lulu Chang
Lulu Chang
Former Digital Trends Contributor
Fascinated by the effects of technology on human interaction, Lulu believes that if her parents can use your new app…
The Galaxy Watch 5 doesn’t fix my biggest problem with Samsung wearables
Samsung Galaxy Watch 5.

Samsung’s latest smartwatches — the Galaxy Watch 5 and Watch 5 Pro — just made their official debut, rocking a brand new temperature sensor that beats Apple to the punch. But there are a few other meaningful changes as well. The battery capacity has also gone up, and so has the charging speed. As a sweet surprise, the charging puck is finally embracing the USB-C standard. Welcome to 2022, Samsung!

The asking price is also not too shabby, at least for the entry-level Galaxy Watch 5. I was actually planning to buy one, especially with all those pre-order offers clubbed together with the exchange discount. However, as soon as I took a second look at the specifications sheet, I changed my mind.

Read more
How many folds can the Samsung Galaxy Z Fold 4 survive? Spoiler — it’s a lot
Samsung Galaxy Z Fold 4.

Now that we've finally gotten an official look at the Samsung Galaxy Z Fold 4, fans are excited to figuratively (and literally) pick it apart. Understanding every part of it is an exciting prospect because of how much mystery and speculation surrounded the device leading up to its launch.

One of the big question marks that hung over the Z Fold 4 before its release was in regard to its durability. By the very nature of being a foldable device, there's a limited number of times it can be folded and unfolded before it breaks. As such, knowing what kind of lifespan you can expect from it is a pressing matter for potential buyers. Back in the days before smartphones, flip and slide phones were notorious for broken hinges and snaps from overuse. But, potential buyers are likely hoping that the Fold 4 will have a little more integrity than that. Luckily, it does.
The Z Fold 4 can survive 200,000 folds

Read more
Samsung’s foldable shipments near 10 million, and it’s not because of the Z Fold
The Samsung Galaxy Z Fold 3 and the Flip 3 together, showing their partially folded displays.

Samsung’s phones, without a doubt, have carried the flag for innovation in the foldable segment ever since the first Galaxy Fold hit shelves three years ago. According to the company’s mobile division chief, TM Roh, that momentum is going to carry forward in the years to come on the shoulders of impressive sales.

In an official blog post, the Samsung executive notes that the foldable industry as a whole has shipped “almost 10 million” foldable phones in 2021, recording a 300% growth compared to 2020. Another interesting trend is that nearly 70% of foldable Samsung phone shoppers went with the clamshell Flip model, while the rest splurged on the pricey tablet-hybrid Fold lineup.

Read more