FIT Hon Teng Ltd (鴻騰精密), a subsidiary of Hon Hai Precision Industry Co (鴻海精密) that produces electronic components, said that it has set its sights on the electric vehicle market, taking advantage of its production lines in Vietnam to cut operating costs.
On the back of its efforts to develop components for electric vehicles, the automotive electronics business is expected to serve as the main driver of the company’s sales growth in the second half of this year, Hong Kong-listed FIT Hon Teng said.
The company produces optoelectronic connectors, antennas, acoustic components, cables and modules for applications in computer, communication equipment, consumer electronics and automobile sectors.
The company also expects mobile communication devices, industrial electronics and medical care equipment to serve as additional drivers to its sales growth.
FIT Hon Teng’s major production sites include Taiwan, China, Mexico and Vietnam, with sales and marketing offices in Taiwan, Singapore, Australia, China, the US and Europe.
The company had a workforce of about 40,500 employees worldwide last year.
FIT Hon Teng in the first half of the year posted net profit of US$101 million, down 5.6 percent year-on-year, while its sales grew 11.6 percent to US$1.92 billion.
Gross margin increased to 19.6 percent from 17.1 percent.
Mobile communication devices accounted for 35 percent of sales in the first half of the year, communications infrastructure equipment made up 23 percent, and computers and consumer electronics contributed another 18.7 percent.
Hon Hai indirectly owns a 76.81 percent stake in FIT Hon Teng.
UNPRECEDENTED PACE: Micron Technology has announced plans to expand manufacturing capabilities with the acquisition of a new chip plant in Miaoli Micron Technology Inc unveiled a newly acquired chip plant in Miaoli County yesterday, as the company expands capacity to meet growing demand for advanced DRAM chips, including high-bandwidth memory chips amid the artificial intelligence boom. The plant in Miaoli County’s Tongluo Township (銅鑼), which Micron acquired from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion, is expected to make a sizeable capacity contribution to the company from fiscal 2028, the company said in a statement. It would be an extended production site of Micron’s large-scale manufacturing hub in Taichung, the company said. As the global semiconductor industry is racing to reach US$1 trillion
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
Memory chip stocks extended their losses yesterday after Alphabet Inc’s Google publicized research that could allow more efficient use of the storage needed for artificial intelligence (AI) development. SK Hynix Inc and Samsung Electronics Co, South Korean leaders in the market, fell more than 6 percent and about 5 percent respectively in Seoul. In the US, Micron Technology Inc, Western Digital Corp and Sandisk Corp slid more than 2 percent in pre-market trading, after they all closed lower on Wednesday. Memory companies have been on a tear in recent months as the rapid development of AI infrastructure triggered a spike in chip
RSS