BYD Electronic, a platform-based high-end manufacturing enterprise, has announced plans to acquire the mobile-electronics manufacturing business of NYSE-listed Jabil Inc. for nearly $2.2 billion. This strategic move aims to expand BYD Electronic’s footprint in the smartphone components market.
In a joint statement issued on Monday, both companies highlighted that this acquisition will strengthen BYD Electronic’s core supply chain for consumer electronics, further enhancing its market share and solidifying its leading position in the industry.
Upon completion of the deal, the target company will become a fully owned subsidiary of BYD Electronic, and its financial results will be consolidated into the group’s financial statements. The acquisition will also include product-manufacturing businesses located in Chengdu and Wuxi, which encompass components manufacturing for existing customers.
Wang Nianqiang, Chief Executive of BYD Electronic, emphasized that this acquisition aligns with the company’s long-term strategy for sustainable development, while simultaneously generating value for both customers and shareholders.
Founded on its expertise in smartphones, tablet PCs, new-energy, and unmanned aerial vehicles, BYD Electronic is poised to seize growth opportunities across various sectors. On the other hand, Jabil is well-regarded for its design engineering, manufacturing, and supply chain services in the electronics manufacturing services and consumer industries.
Overall, this acquisition signifies a significant expansion for BYD Electronic and sets the stage for continued success in the dynamic world of consumer electronics.