Industry: Electronics, Home Appliances 2016-08-11

South Korean tech giant Samsung Electronics Co Ltd said on Thursday it will acquire U.S.-based luxury appliances maker Dacor Inc, seeking to boost high-end product sales.

Samsung said in a statement it will keep Dacor’s brand name and leave its operations unchanged following the acquisition. The company did not disclose financial terms. The Korea Economic Daily said Samsung paid $150 million to buy the California-based company.

Researcher Traqline says Samsung was the top home appliances maker in the United States during the second quarter with a 16.7 percent market share, beating out rivals such as LG Electronics Inc and Whirlpool Corp.

(Reporting by Se Young Lee; Editing by Richard Pullin).

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Source: Reuters.com