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Samsung SDI begins operations of new battery pack business; former Magna Steyr operation

Samsung SDI has officially commenced operations of Samsung SDI Battery Systems(SDIBS) in Graz, Austria. In February 2015, Samsung SDI entered into an agreement to acquire the battery pack business of Magna International, a leading global automotive supplier.

Under the acquisition, Samsung SDI acquired the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International, including all 264 employees, production and development sites and existing business contracts.

The global market for electric vehicles, including hybrid and plug-in hybrid models, is forecast to reach 7.7 million vehicles by 2020, compared with 2.1 million in 2014, according to research firms B3 and IHS.

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