Foxconn says no plan to split company

Foxconn logoIn the wake of reports about Foxconn Electronics (Hon Hai Precision Industry) planning to split into three businesses, the EMS giant has noted that such issues need careful evaluation and the company currently is not processing any plans concerning these issues.

Foxconn has been said to be planning to spin off its current businesses into three major groups to be put under control of a holdings firm.

In a filing with the Taiwan Stock Exchange (TSE) on March 17, Foxconn expressed "gratitude" for the media's interests in the issues.

The response was much milder than the company's typically stern dismissal of rumors.

According to a Chinese-language Next Magazine report, one of the groups will include Foxconn's chassis and connector manufacturing businesses, as well as its R&D team for fully-automated production plant projects and software. All the businesses in this group will remain in Taiwan.

Another group will include Foxconn's channel retailing business and OEM for products such as consumer electronics and network device in China. This group will mainly focus on the China market and Foxconn will set up an operation center in China, the magazine noted.

The third group will mainly focus on optoelectronics and monitor businesses as well as LCD TV OEM and LED R&D. It will stay in Taiwan initially, the magazine pointed out.

Foxconn also plans to venture into the green energy, medical and biomedical sectors.


Tags: Foxconn

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