Foxconn Takes over Microsoft’s Vietnam Phone Plant for $22 Million

Tuan Minh

14:21 11/07/2016

BizLIVE - Foxconn is acquiring a Vietnam-based mobile phone factory from Microsoft for $22 million.

Foxconn Takes over Microsoft’s Vietnam Phone Plant for $22 Million

A smartphone developed by Microsoft. (Photo: eandt.theiet.org)

Taipei-based Hon Hai Precision Industry Co., Ltd., known as Foxconn, through its subsidiary Chief Expertise, is taking over a 100% stake of Microsoft Mobile Vietnam Limited for $22 million to bolster its capacity, according to Nikkei.  
The deal is a follow-up of an agreement reached in mid-May when Microsoft decided to sell its feature phone operations in Vietnam to FIH Mobile Ltd., a subsidiary of Hon Hai/Foxconn Technology Group, and HMD Global, Oy for $350 million.
Under the deal, Foxconn will own and operate a feature phone and smartphone manufacturing factory in Vietnam’s northern province of Bac Ninh, which houses a giant phone plant of Samsung.
Microsoft Mobile Vietnam was renamed from Nokia Vietnam Limited following a $10-billion takeover by Microsoft in 2014, one year after Finland’s phone maker Nokia moved its production to Bac Ninh province.

TUAN MINH

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