April 26, 2018 / 6:50 AM / a year ago

LG Elec, LG Corp buy Austrian auto light maker ZKW for $1.3 billion

A man talking on his phone walks past the logo of LG Electronics during Korea Electronics Show 2016 in Seoul, South Korea, October 27, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea’s LG Electronics (066570.KS) and holding company LG Corp (003550.KS) said on Friday they agreed to buy a combined 100 percent stake in Austrian car light maker ZKW Holding GmbH for 1.4 trillion won ($1.3 billion).

LG Electronics and LG Corp will hold 70 percent and 30 percent stakes respectively in ZKW, LG Electronics said in a statement.

With the deal, the companies are seeking to target the global lighting sector in autonomous vehicle components, LG Electronics said.

($1 = 1,080.7000 won)

Reporting by Joyce Lee; editing by Darren Schuettler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below