Samsung Electronics to buy US-based luxury appliances maker Dacor
11 August 2016
South Korea's Samsung Electronics Co Ltd today struck a deal to buy US-based luxury appliances maker Dacor Inc, in order to expand its ultra-premium home appliance products.
Samsung Electronics did not disclose financial terms of the deal, but The Korea Economic Daily said Samsung paid $150 million.
The company said that Dacor will become a wholly-owned subsidiary of Samsung Electronics and it will keep Dacor's brand name and leave its operations unchanged post acquisition.
Founded by Stanley Joseph in 1965, California-based Dacor, family-owned for three generations, designs and manufactures luxury kitchen appliances.
Dacor's cooking appliances integrate function, technology and design to create high-performing, intuitive products that reflect the lifestyle and needs of the passionate cook. Dacor's full suite of appliances includes ranges, cooktops, wall ovens, refrigeration, ventilation and wine preservation.
Based in New Jersey, Samsung Electronics America, Inc., is a top home appliances maker in the US with a 16.7 per cent market share, beating out rivals such as LG Electronics Inc and Whirlpool Corp.
Its portfolio includes home appliances, home entertainment, Internet of Things, mobile computing, smartphones, virtual reality, wireless infrastructure and wearables.