Taiwan's Foxconn, Teco Electric to form strategic partnership
Under the deal, Foxconn will hold a 10 per cent stake in Teco, which will hold about 0.519 per cent of Foxconn, the companies said, adding at a press conference that the partnership's target market extends beyond Taiwan and Asia to the US and Middle East.
The news comes after the Apple and Nvidia supplier halted trading in its shares late on Tuesday, pending an announcement. Teco also halted trading in its shares.
Teco Electric & Machinery is Taiwan's top industrial motor maker and ranks among the world's top five suppliers of small low-voltage and medium- to high-voltage motors. The company also produces motors for electric vehicles.
Teco entered Malaysia's data centre infrastructure market this year with the acquisition of an 80 per cent stake in NCL Energy. In July, the company said it had secured major data centre projects in the Malaysian states of Selangor and Johor Bahru.
Foxconn, formally called Hon Hai Precision Industry, has a big artificial intelligence server business and is actively expanding its electric vehicle business. It has also been seeking partnerships with automakers and the supply chain.
The Taiwan technology giant this month reported record second-quarter revenue on strong demand for artificial intelligence products but cautioned about geopolitical and exchange rate headwinds. REUTERS
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