Southern Korean smartphone maker Samsung Electronics America Inc. said today that it would acquire City of Industry-based Dacor Inc. a manufacturer of luxury kitchen appliances, for an undisclosed amount.

The Korea Economic Daily valued the deal at $150 million. After the acquisition, Dacor will become a wholly owned subsidiary of Samsung, maintaining its brand and operations in L.A. The company will keep its headquarters in the City of Industry and might expand its existing facilities, hire more employees, according to Lloyd Greif, chief executive and president of Greif & Co., which facilitated the transaction.

Greif said the deal is going to shake up the appliance industry.

“It’s great news for Los Angeles because it will ramp up Dacor’s manufacturing,” Greif said. “It’s also possible that Samsung will start manufacturing their refrigerators in L.A.”

The company will keep its headquarters in the City of Industry and might expand its existing facilities, hiring more employees, according to Greif.

Samsung has been on an acquisition spree over the last few months. In June, it acquired San Francisco-based cloud services company Joyent Inc. following deals with Burlington-based LoopPay, a developer of mobile payment technologies and Smart Things, a technology company of Palo Alto.

Dacor, a family-owned private company founded by Stanley Joseph in 1965, has been known for making high-end microwaves, ovens, and wine refrigerators. Greif said the deal will give Samsung a new base in North America.

“Samsung is a huge player in the home appliance industry worldwide, but it’s not number one in cooking,” he said. “This transaction brings Samsung expertise in technology on the cooking side. Also, Samsung is a mass market brand, while Dacor is in the high-end market and that gives Samsung access to a whole new customer base.”

Trade, transportation, and manufacturing reporter Olga Grigoryants can be reached at [email protected]. Follow her on Twitter @olgagrigory.