China’s leading NEV manufacturer BYD said on Monday that its holding subsidiary has inked an acquisition framework agreement with the Singaporean subsidiary of U.S.-based firm Jabil Inc. to buy its manufacturing business in the Chinese cities of Wuxi and Chengdu, for 15.8 billion yuan (about 2.2 billion U.S. dollars).
The intended purchase will mainly include the parts manufacturing business for Jabil Circuit (Singapore) Pte. Ltd.’s existing customers, marking BYD’s electronics unit expansion of the core supply chain of its consumer electronics, further increasing market share and consolidating its leading position in the industry, said BYD.—APP
