News Column

Taiwan Province of China : Foxconn invests in SK Group

June 30, 2014

Taiwan technology giant Foxconn, the world's biggest components maker said that it has devoted approximately US$365 Million in a South Korean information technology service provider as it looks to expand its business.

The firm, in addition known by its Taipei-headquartered mother company Hon Hai Precision Industry, said that the deal allowed it to obtain a 4.9 percent stake in SK C&C Co., a unit of South Korea's third largest conglomerate SK Group.

Hon Hai said in a statement, "This transaction is a win-win strategic partnership for both of our companies as it brings together a unique combination of capabilities to create synergies that will benefit current operations while also supporting efforts to jointly develop new business opportunities .

Foxconn has been expanding its businesses into other fields, among them offering 4G telecom services in Taiwan.

Hon Hai is the world's biggest computer components manufacturer and assembles products for Apple -- together with the iPhones -- as well as Sony and Nokia.

The group hires approximately a Million workers in China, about half of them based at its main facility in the southern city of Shenzhen.

The group has production facilities in above 10 countries, including Vietnam, Brazil and Mexico.

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Source: TendersInfo (India)

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