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© Reuters. FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo
(Reuters) -Electric vehicle maker BYD Co (SZ:) Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean unit to buy its product manufacturing business in China for 15.8 billion yuan ($2.17 billion).
The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and expand its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector.
Jabil Circuit (NYSE:) (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker.
“While improving BE’s market share of products, the acquisition will effectively synergize with BE’s existing products, enhance the overall competitiveness, ensure long-term sustainable development,” BYD said in an exchange filing, without divulging any further details about the acquisition.
Jabil did not immediately respond to a Reuters request for details.
($1 = 7.2890 renminbi)
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