8/5/2021, 9:40 AM (Source: TeleTrader)
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Foxconn to buy chip plant for its EV venture

Foxconn Technology Group announced on Thursday it will buy a Taiwan-based semiconductor factory from Macronix International, in order to ensure a stable supply of chips for its electric vehicle venture.

The deal between the two companies is expected to be finalized by the end of the year, the statement read, explaining that the $90 million accord covers the facility and equipment, but doesn't include a transfer of employees.

Macronix provides specialty memory chips for Nintendo Co., Ltd., Sony Corporation, and Apple Inc.

Baha Breaking News (BBN) / BU