Samsung prepares to dive into luxury home appliance market by acquiring Dacor

Park Sae-jin Reporter() | Posted : August 11, 2016, 11:02 | Updated : August 11, 2016, 11:02

[Courtesy of Samsung Electronics]

Samsung Electronics has made its first foray into the US luxury home appliance market by acquiring Dacor, a leading US brand, in a deal related to the South Korean tech giant's push to reform its business portfolio under the leadership of vice chairman J. Y. Lee.

As Samsung's wholly owned subsidiary, the US company will maintain its corporate identity and brand, Samsung Electronics America said in a statement.

"Dacor has been delivering innovative products to the luxury home appliance market for more than 50 years," Yoon Boo-keun, CEO of Samsung's consumer electronics division, was quoted as saying.

The acquisition would help Samsung speed up its growth in the US home appliance market.  Dacor, based in southern California, is a leading producer of premium kitchen appliances including ovens, dishwashers and microwave ovens.

The acquisition followed Samsung's reported bid to acquire some or all of the operations of Magneti Marelli, an Italian producer of high-tech auto components, from Fiat Chrysler Automobiles NV.

J. Y. Lee, the only son of Samsung Group chief Lee Kun-hee, 74, has tried to broaden the group's business scope and move into a new and expanding market with growth potential. Since Lee Kun-hee was hospitalized in May 2014, his 48-year-old son has streamlined the group's structure for his debut as group leader.

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