Samsung Electronics America to Acquire Dacor as Part of Home Appliance Portfolio Expansion into Luxury Market
Ultra-premium appliance business expected to experience double-digit growth over next three years
Ridgefield Park, New Jersey — August 10, 2016, Samsung Electronics America today announced it has entered into a definitive agreement to acquire Dacor®, a leading American brand in the luxury home appliance category. The acquisition marks Samsung’s continued investment in the home appliance market and an expansion of its portfolio to include ultra-premium home appliances under the Dacor brand.
Founded by Stanley M. Joseph, the California-based company has been designing and manufacturing American-made luxury kitchen appliances since 1965 and has emerged as a trusted industry leader. Upon completion of the acquisition, Dacor will become a wholly owned subsidiary of Samsung Electronics America. Dacor will maintain its corporate identity and brand, with no changes to its operations and US-based manufacturing.
“Dacor has been delivering innovative products to the luxury home appliance market for more than 50 years,” said Boo-Keun Yoon, CEO of Consumer Electronics at Samsung Electronics. “We welcome the Dacor team to the Samsung family and look forward to leveraging their expertise in the luxury home appliance market while scaling their continued success in North America.”
“Samsung is a world-renowned organization and we could not be more delighted to share our family company with them. We are thrilled to be a part of a truly great global company,” said Michael Joseph, Chairman of the Board.
“The entire Dacor family is very excited to be joining Samsung,” said Dacor President and CEO, Chuck Huebner. “We expect that, with Samsung’s global scale, financial strength and market leadership, we will be able to accelerate our growth as we better meet the needs of both our high-end consumers and our retail partners.”
As a leader in the ultra-premium kitchen appliance market, Dacor’s innovative, high-quality products have been recognized with numerous prestigious awards including GOOD DESIGN™, Kitchen & Bath Industry Show (KBIS) Best in Show, Digital Trends Best of Consumer Electronics Show (CES) Home Award, and many more. Dacor is also the first and only major appliance brand to be recommended by the Master Chefs of Le Cordon Bleu, the premier culinary institute headquartered in Paris. Dacor products include ranges, cooktops, wall ovens, refrigeration, ventilation and wine preservation. To learn more about Dacor and its selection of ultra-premium kitchen appliances, visit www.dacor.com.
Samsung is America’s fastest growing home appliance brand and continues to deliver products with premium design and exemplary performance. With a deep understanding of the consumer marketplace, Samsung is redefining the appliance category with innovations that bring convenience into the modern lifestyle of consumers for a truly connected experience in the home.