Samsung Is Acquiring This U.S. Luxury Appliances Maker

South Korean Economy - Presidential Election Campaign Issue
SEOUL, SOUTH KOREA - DECEMBER 11: The Samsung logo is displayed at the company's headquarters on December 11, 2012 in Seoul, South Korea. One of the main South Korean presidential election campaign issues is the economy, as the chaebol, South Korea's business conglomerate, dominates the country's wealth while the economic life of middle class people has not been improving. (Photo by Chung Sung-Jun/Getty Images)
Chung Sung-Jun/ Getty Images

South Korean tech giant Samsung Electronics (SSNLF) said on Thursday it will acquire U.S.-based luxury appliances maker Dacor, 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% market share, beating out rivals such as LG Electronics and Whirlpool (WHR).

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