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South Korea's LG Electronics Acquires Austrian Automotive Supplier ZKW for €1.1 Bln
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South Korean electronics manufacturer LG Electronics is acquiring the Lower Austrian lighting and electronics systems specialist ZKW for more than 1.1 billion euros. It plans to buy a 70 percent stake in ZKW Holding, a supplier to Mercedes-Benz and BMW. Its holding company LG Corp. will purchase the remaining stake for 330 million Euro. LG hopes to expand its position in the automotive lighting sector for self-driving cars. ZKW was previously wholly owned by the entrepreneur Ulrich Mommert.
Oliver Schubert, CEO of the ZKW Group. “Together with LG, we have almost unlimited opportunities to shape the automotive market of tomorrow with intelligent lighting systems.” / Picture: © ZKW Group GmbH
By merging with LG as one of the world’s leading high-tech companies, ZKW secures access to know-how, resources and key technologies for the development of the intelligent light of the future and autonomous driving.
ZKW enters a new dimension: On April 26, 2018, the sale of 100% of the shares in the ZKW Group by the sole owner Ulrich Mommert to LG Corporation and LG…
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