Stock Market News

EV maker BYD buys US firm Jabil’s China manufacturing unit for $2.2 billion

2023.08.27 20:38


© Reuters. FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo

(Reuters) -Electric vehicle maker BYD Co (SZ:) Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean unit to buy its product manufacturing business in China for 15.8 billion yuan ($2.17 billion).

The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and expand its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector.

Jabil Circuit (NYSE:) (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker.

“While improving BE’s market share of products, the acquisition will effectively synergize with BE’s existing products, enhance the overall competitiveness, ensure long-term sustainable development,” BYD said in an exchange filing, without divulging any further details about the acquisition.

Jabil did not immediately respond to a Reuters request for details.

($1 = 7.2890 renminbi)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 88,179.63 1.30%
ethereum
Ethereum (ETH) $ 3,119.59 1.77%
tether
Tether (USDT) $ 1.00 0.23%
solana
Solana (SOL) $ 215.13 1.97%
bnb
BNB (BNB) $ 637.49 4.00%
dogecoin
Dogecoin (DOGE) $ 0.390469 2.23%
xrp
XRP (XRP) $ 0.808067 17.98%
usd-coin
USDC (USDC) $ 1.00 0.08%
staked-ether
Lido Staked Ether (STETH) $ 3,115.26 1.59%
cardano
Cardano (ADA) $ 0.567022 0.90%
tron
TRON (TRX) $ 0.178787 1.74%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 0.13%
the-open-network
Toncoin (TON) $ 5.41 3.93%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,680.31 2.50%
avalanche-2
Avalanche (AVAX) $ 32.11 0.70%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 88,034.59 1.31%
sui
Sui (SUI) $ 3.36 3.56%
pepe
Pepe (PEPE) $ 0.000022 21.34%
weth
WETH (WETH) $ 3,117.54 1.63%
bitcoin-cash
Bitcoin Cash (BCH) $ 424.20 2.49%
chainlink
Chainlink (LINK) $ 13.27 0.33%
polkadot
Polkadot (DOT) $ 4.90 2.86%
leo-token
LEO Token (LEO) $ 7.52 2.40%
near
NEAR Protocol (NEAR) $ 5.47 8.08%
litecoin
Litecoin (LTC) $ 82.59 10.66%
aptos
Aptos (APT) $ 11.50 0.85%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,285.10 1.60%
usds
USDS (USDS) $ 1.00 0.48%
uniswap
Uniswap (UNI) $ 8.46 0.54%
crypto-com-chain
Cronos (CRO) $ 0.15641 6.69%
dogwifcoin
dogwifhat (WIF) $ 4.08 1.82%
stellar
Stellar (XLM) $ 0.135444 10.34%
internet-computer
Internet Computer (ICP) $ 8.19 2.13%
kaspa
Kaspa (KAS) $ 0.149483 17.89%
bittensor
Bittensor (TAO) $ 502.28 4.80%
ethereum-classic
Ethereum Classic (ETC) $ 22.31 2.63%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.28 1.61%
dai
Dai (DAI) $ 1.00 0.33%
whitebit
WhiteBIT Coin (WBT) $ 22.14 0.56%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.25%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.365327 0.87%
blockstack
Stacks (STX) $ 1.85 2.73%
monero
Monero (XMR) $ 146.32 3.40%
render-token
Render (RENDER) $ 6.84 1.71%
okb
OKB (OKB) $ 43.69 0.79%
bonk
Bonk (BONK) $ 0.000038 7.43%
hedera-hashgraph
Hedera (HBAR) $ 0.064946 11.38%
aave
Aave (AAVE) $ 162.69 4.59%
mantle
Mantle (MNT) $ 0.720558 3.21%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.14%