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LG celebrates record profits by making its biggest ever acquisition
LG has revealed its biggest acquisition yet shortly after it announced that it has reached its highest quarterly profit since 2009. The Korean corporation has snapped up Austrian company ZKW, which is known for manufacturing lighting and electrical systems used by European automakers like Audi, BMW, Daimler and Porsche. It's one of the first companies to make matrix LED and laser headlights and was almost purchased by Panasonic for $885 million back in 2016 -- LG had to shell out around US$1.3 billion to finalize its deal. So, why would LG buy a company that makes lights for premium cars? Two words: autonomous vehicles.
