Samsung SDI, lithium-ion battery manufacturer and supplier to BMW electric cars, announced the acquisition (pending regulatory approvals) of the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International (including all 264 employees, production and development sites and existing contracts of the business).
Financial terms of the deal weren’t disclosed. The whole acquisition process should be completed in a few months.
Samsung SDI will be then be able to offer not only battery cells, but whole packs for automotive use.