Samsung Electronics has agreed to buy Harman International Industries in an $8 billion deal, marking a major push into the auto electronics market and the biggest overseas acquisition ever by a South Korean company. "We have been studying the automotive market for some time. We conclude that organic growth will not get us where we want to go fast enough," Young Sohn, President and Chief Strategy Officer of Samsung Electronics, said on a conference call. "Harman was missing, in our opinion, a meaningful presence in displays and cockpit electronics; Samsung has these," Baird Equity Research said in a report. Samsung created an automotive electronics business team a year ago to look for opportunities in this area.

Source: India Today November 15, 2016 04:14 UTC