Samsung SDI to opens Austrian battery pack business

In February 2015, Samsung SDI entered into an agreement to acquire the battery pack business of Magna International, an automotive supplier. The acquisition is expected to enhance Samsung SDI’s capabilities in batteries for electric vehicles by combining the company’s expertise in battery cells and modules with Magna's expertise in battery packs. Under the acquisition, Samsung SDI has brought 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 business contracts. "The opening of SDIBS is a key step towards becoming the leading automotive battery system supplier,” said Namseong Cho, President and CEO of Samsung SDI, at the opening ceremony. “Samsung SDI will integrate SDIBS' capabilities in battery pack systems, with its superior cell technology to create world class automotive battery systems.”