A planned joint venture between Robert Bosch GmbH (Bosch) and Samsung SDI Co Limited (Samsung), to manufacture battery systems for electric and hybrid electric vehicles, was approved by the European Commission on 18 August 2008. Bosch is a Germany-based provider of technical products in the automotive sector, while Samsung, based in South Korea, develops, produces and sells electronics equipment. Neither party has previously operated in this market sector and the new joint venture will enter the market to meet demand for these products in the automotive sector. A number of other companies are also entering the market and therefore the deal is likely to provide additional competition in this market.