TAIPEI (Taiwan News) — An affiliate of Foxconn Technology Group spent US$27 million (NT$746.91 million) to gain a majority share in the operations of Ingrasys Technology in Mexico, reports said Friday (Sept. 10).
Market experts speculated the aim of the deal was to fund the construction of a new factory in Mexico, CNA reported. Officially, the Hungarian-based communications equipment manufacturer Cloud Network Technology Kft. invested the funds in Ingrasys Technology Mexico S.A. de C.V.
In March, the Mexican company reportedly invested in India for a television parts plant in cooperation with Amazon. Ingrasys is officially based in Taoyuan and has cooperative projects running in various parts of the world, from Europe and the Middle East to Southeast Asia.
The Ingrasys deal was not the Taiwanese contract electronics maker’s only Mexican deal. Another Foxconn affiliate, ECMMS Precision Singapore Pte. Ltd., invested US$181 million in PCE Technology de Juarez S.A. de C.V., according to a company statement on Sept. 1. Founded in 2008, PCE was active in consumer electronics assembly in an area close to the border with the United States, CNA reported.