ADVERTISEMENT

EU approves Foxconn’s buy of two Sanmina plants

Deals

Hon Hai Precision Industry unit Foxconn of Taiwan won permission from the European Commission on Tuesday to buy two plants from electronics maker Sanmina-SCI Corp., in Hungary and Mexico.

The deal involves electronic manufacturing services (EMS), which include the design and testing of electronic parts and assemblies for large computer makers. It also involves handling returns and repair services.

The Commission said Foxconn was buying one plant in Székesfehérvár, Hungary and another in Guadalajara, Mexico. “Horizontal overlaps ... are limited,” the European Union’s executive arm said. It said the purchase “would not change significantly the position of Foxconn on the EMS market”. The deal is worth between $80 million and $90 million, Sanmina said.

Sanmina has said it will sell certain assets of its personal computing business and associated logistics services located in Hungary, Mexico and the United States. Hon Hai did not disclose a price in a statement it released but said it expected the deal to be completed by the end of June. (Reuters)

ADVERTISEMENT

Czech economic confidence improves in May Analysis

Czech economic confidence improves in May

Ministers in new Orbán gov't sworn in Parliament

Ministers in new Orbán gov't sworn in

Spring’s allergy season - the heat is on Interview

Spring’s allergy season - the heat is on

Airport bus fare could rise to HUF 1,500 City

Airport bus fare could rise to HUF 1,500

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.