LG to buy automotive light maker ZKW for 1.1 billion euros
{{#rendered}} {{/rendered}}
LG Electronics Inc. says it will acquire Austrian-based automotive light maker ZKW in the company's biggest acquisition so far.
The South Korean company said Thursday it plans to buy a 70 percent stake in ZKW Holding, a supplier to BMW and Mercedes-Benz, for 1.4 trillion won ($1.3 billion), or 1.1 billion euros. Its holding company LG Corp. will purchase the remaining stake for 330 million euros ($402 million).
LG is banking on its automotive parts business to get a stronger foothold in the market. LG said the purchase of ZKW, which makes high-quality lights for top automakers around the world, will enhance its auto parts business portfolio.
{{#rendered}} {{/rendered}}
The South Korean company said the acquisition will also help develop advanced automotive lighting for self-driving cars and next-generation automotive lighting.