April 26, 2018 / 6:52 AM / a month ago

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

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).

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

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

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