S.Korea's Samsung SDI to buy Magna's car battery pack business

Mon Feb 23, 2015 4:14am EST
 
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SEOUL Feb 23 (Reuters) - South Korea's Samsung SDI Co said on Monday that it has agreed to buy the battery pack business of Canadian car parts maker Magna International , marking a further push by the Samsung Electronics affiliate into a key automotive parts business.

Samsung SDI, which makes rechargeable batteries for German automaker BMW's i3 electric cars, said it will acquire the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International. It didn't disclose the value of the deal.

The South Korean firm said the deal will allow it to combine its capability in battery cells and modules with Magna's expertise in battery packs, helping secure customers in Europe, North America and China. (Reporting by Hyunjoo Jin; Editing by Kenneth Maxwell)