GRAZ, Austria--(BUSINESS WIRE)--Samsung SDI Co. Ltd. (KRX:006400), a global leader in energy storage solutions and electronic materials, has held the opening ceremony to officially commence operations of Samsung SDI Battery Systems(SDIBS) in Graz, Austria.
In February 2015, Samsung SDI entered into an agreement to acquire the battery pack business of Magna International, a leading global automotive supplier. The acquisition is expected to enhance Samsung SDI’s capabilities in batteries for electric vehicles by combining the company’s established leadership in battery cells and modules with Magna's expertise in battery packs.
Magna’s advanced technology, presence in key automotive markets and track record of providing global automakers with battery packs will also help Samsung SDI secure customers in the fast-growing automotive battery markets in Europe, North America and China.
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.”
The global market for electric vehicles, including hybrid and plug-in hybrid models, is forecast to reach 7.7 million vehicles by 2020, compared with 2.1 million in 2014, according to research firms B3 and IHS.
About Samsung SDI
Samsung SDI is a leading energy and materials solution provider. Established in 1970, Samsung SDI began as a producer of cathode ray tubes and entered the energy solution business in 2002. It has since successfully transformed itself into the market leader for small sized batteries, and has expanded into batteries for electric vehicles and storage systems. Following its merger with Cheil Industries in 2014, Samsung SDI now aims to create synergy between its energy solutions business and the newly acquired electronics and chemical materials business. Samsung SDI's products include small-sized lithium-ion batteries, automotive batteries, energy storage systems, materials for semiconductors and displays, plastic for electronic devices and vehicles, as well as artificial marble.