Samsung buys US luxury home appliance maker Dacor


The purchase of the company is the latest in a series of acquisitions by the South Korean giant in recent years. PHOTO: REUTERS

The purchase of the company is the latest in a series of acquisitions by the South Korean giant in recent years. PHOTO: REUTERS

SEOUL: Samsung Electronics said Thursday it had acquired US luxury appliance maker Dacor, as part of its push towards a full production line of high-end, Internet-connected homeware.

The purchase of the California-based company is the latest in a series of acquisitions by the South Korean electronics giant in recent years, including that of US home automation startup SmartThings in 2014.

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A Samsung statement gave no details on the value of the deal to acquire Dacor, whose products include stovetops, ovens, ranges and refrigerators.

Samsung, the world’s top smartphone maker, is also a leading home appliance manufacturer, producing refrigerators, washers and air conditioners.

It has been on a something of a buying spree in the United States, snapping up a handful of firms including cloud computing start-up Joyent in June.

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Samsung has been searching for ways to bolster profits beyond its key smartphone business as growth in the global handset market continues to slow.

It has rolled out a growing number of wireless devices or Internet-enabled home appliances in a move towards the nascent market for the Internet of Things, in which household appliances and electronic devices are all inter-connected.


Original news : http://tribune.com.pk/story/1160135/samsung-buys-us-luxury-home-appliance-maker-dacor/