Foxconn

Foxconn is a Taiwanese multinational electronics manufacturing company

Summary

Foxconn Technology Group, is a Taiwanese multinational electronics contract manufacturing company, headquartered in Tucheng.

History

Terry Gou established Hon Hai Precision Industry Co., Ltd. as an electrical components manufacturer in 1974. Foxconn’s first manufacturing plant in China opened in Longhua Town, Shenzhen, in 1988.

One of the important milestones for Foxconn occurred in 2001 when Intel selected the company to manufacture its Intel-branded motherboards instead of Asus. By November 2007, Foxconn further expanded with an announced plan to build a new US$500 million plant in Huizhou, Southern China.

In January 2012, Foxconn named Tien Chong (Terry) Cheng chief executive of its subsidiary FIH Mobile Limited. He resigned the same year, citing health problems. At this time, Foxconn made up approximately forty percent of worldwide consumer electronics production.

Expansion was further pursued after a March 2012 acquisition of a 10-percent stake in the Japanese electronics company Sharp Corporation for US$806 million and to purchase up to 50 percent of the LCDs produced at Sharp’s plant in Sakai, Japan. However, the agreed deal was broken as Sharp’s shares continued to plunge in the following months. In September 2012, Foxconn announced plans to invest US$494 million in the construction of five new factories in Itu, Brazil, creating 10,000 jobs.

In 2014, the company purchased Asia Pacific Telecom and won some spectrum licenses at an auction, which allowed it to operate 4G telecommunications equipment in Taiwan.

On 25 February 2016, Sharp accepted a ¥700 billion (US$6.24 billion) takeover bid from Foxconn to acquire over 66 percent of Sharp’s voting stock. However, as Sharp had undisclosed liabilities which was later informed by Sharp’s legal representative to Foxconn, the deal was halted by Foxconn’s board of directors. Foxconn asked to call off the deal but it was proceeded by the former Sharp president. Terry Gou in the meeting then wrote a word “義” which means Righteousness on the white board, saying that Foxconn should honor the deal. A month later, on 30 March 2016, the deal was announced as finalised in a joint press statement, but at a lower price.

In 2016, Foxconn, together with Tencent and luxury-car dealer Harmony New Energy Auto, founded Future Mobility, a car start up that aims to sell all-electric fully autonomous premium cars by 2020. A Foxconn unit, Foxconn Interconnect Technology, acquired Belkin International for $866m on 26 March 2018.

Foxconn Mission Statement

To ensure all employees to take active roles in meeting company’s global targets, by decomposing them into departmentally distributed realistic targets/ To ensure a reliable organization and discipline where all employees will be glad to be a part in/ To act continuously on increasing the turnover by considering the principle of “Win-Win”/ To ensure the use of all resources effectively and efficiently/ To create a clean, healthy and safe production and work environment which respects to human and considers the next generations.

Foxconn Vision Statement

Foxconn’s vision has always been to provide technological products and solutions that bring convenience to people’s everyday lives.

References

https://en.wikipedia.org/wiki/Foxconn

https://www.techspot.com/news/86350-foxconn-china-can-no-longer-world-factory.html

https://www.linkedin.com/company/foxconn/

https://www.comparably.com/companies/foxconn/mission

https://www.aljazeera.com/economy/2020/10/12/foxconn-factory-trump-hailed-as-8th-wonder-may-lose-tax-credits