To help Foxconn develop ‘new business opportunities’.
Contract electronics manufacturer Foxconn has reportedly spent $375m to acquire 4.9% stake in IT services provider SK C&C, a division of South Korea’s third largest multinational SK Group.
The latest "long-term investment" in SK C & C is anticipated to help Foxconn develop ‘new business opportunities’.
Foxconn said in a statement to AFP as saying: "This transaction is a win-win strategic partnership for both of our companies as it brings together a unique combination of capabilities to create synergies that will benefit current operations while also supporting efforts to jointly develop new business opportunities."
Foxconn offers contract manufacturing work for firms including Apple, which outsources the production of iPhones, iPads and other products to the Taiwanese group’s vast Chinese facilities.
Recent reports also reveal that Foxconn is planning a shift into robots, electric cars, wearables, cloud computing and networking technologies, diversifying beyond smartphone electronics and white box IT equipment.
The Taiwanese firm is also collaborating with Japan based SoftBank to develop its emotion-reading robot named Pepper, which had been rolled out on June 5.