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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)

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