MANUFACTURING
Sumeeko to buy Max Mothes
Sumeeko Industries Co Ltd (世德工業), which supplies fasteners for major automakers such as General Motors Co, yesterday said its board has approved a share purchase deal with Neuss, Germany-based Max Mothes GmbH. Sumeeko plans to spend 6.5 million euros (US$7.5 million) to acquire a 51 percent stake in Max Mothes, which manufactures and supplies screws, swivels and fasteners. The companies are scheduled to close the deal next month, Sumeeko chief financial officer Yan Pin (顏蘋) said. Kaohsiung-based Sumeeko expects its first overseas acquisition to help it strengthen its foothold in Europe, as Max Mothes also has a presence in Turkey, Austria, Belgium and Italy.
FOOD AND BEVERAGE
TTFB plans to add outlets
Restaurant operator Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團), whose flagship brands include Thai Town Cuisine (瓦城泰式料理), yesterday said in a statement that it plans to open 11 stores in Taiwan and four in China in the second half of this year. That would boost the number of its Taiwanese and Chinese outlets to 113 and 11 respectively by the end of the year, the statement said. The firm is also to collaborate with international restaurant brands to establish a new subsidiary, which aims to introduce foreign cuisine brands to Taiwanese consumers, TTFB chairman Charles Hsu (徐承義) said in the statement.
AUTOMOTIVE
Hotai to buy stake in Toyota
Hotai Motor Co (和泰汽車), which sells Toyota and Lexus brand vehicles in Taiwan, yesterday said in a filing with the Taiwan Stock Exchange that it plans to spend up to ￥22 billion (US$199.6 million) to purchase shares of Toyota Motor Corp. Hotai said it aims to strengthen collaboration with the Japanese auto giant and enhance its competitiveness through the share acquisition. The deal still requires approval from the Investment Commission, the car distributor said.
ACQUISITIONS
Chilisin to acquire Magic
Chilisin Electronics Corp (奇力新), the nation’s largest power inductor manufacturer, on Wednesday announced that it would acquire local peer Magic Technology Co Ltd (美桀) via a stock swap. The firm plans to acquire all Magic shares at a ratio of one Magic share per 0.503 Chilisin shares. The NT$4.06 billion (US$134 million) deal is expected to be completed on Nov. 30 after receiving regulatory approvals and could boost Chilisin’s market share in the global inductor market to about 13 percent — 1 percentage point less than the market share of the top three makers: TDK-EPC Corp (13.42 percent), Murata Manufacturing Co Ltd (13.78 percent) and Taiyo Yuden Co Ltd (13.22 percent). Chilisin shares yesterday closed up 0.29 percent at NT$173.5 and Magic shares rose 9.94 percent higher to NT$79.6 in Taipei trading.
TECHNOLOGY
FII shares continue to fall
Foxconn Industrial Internet Co (FII, 富士康工業互聯網), a subsidiary of Hon Hai Precision Industry Co (鴻海精密), yesterday saw its shares decline for a fifth straight session on the Shanghai Stock Exchange, closing down 8.51 percent to 18.17 yuan. FII has tumbled more than 30 percent from its peak of 26.36 yuan just a week earlier, wiping out 148.699 billion yuan (US$22.897 trillion) from its market capitalization. The firm, which makes electronics, cloud-computing service equipment and industrial robots, debuted its shares in Shanghai on June 8 at 13.77 yuan. Hon Hai holds an 84.8 percent stake in FII.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
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