Global Sourcing Spotlight: How Global Sourcing Drives Innovation
One World, One Industry: IPC APEX EXPO 2025 Marks a Special Anniversary Year
Nolan’s Notes: Your Golden Ticket
USI Expands Presence in Eastern Europe
August 23, 2018 | Universal Scientific Industrial (Shanghai) Co. LtdEstimated reading time: 1 minute
Universal Global Electronics Co. Ltd, a wholly owned subsidiary of EMS firm Universal Scientific Industrial (Shanghai) Co. Ltd (USI), has entered into an equity transfer agreement with ChungHong Electronics (Suzhou) Co. Ltd, intending to acquire its entire 60% stake in its Polish subsidiary Chung Hong Electronics Poland SP.Z.O.O. in Eastern Europe for RMB78 million. It is also stipulated in the agreement that within six months after the audit of financial statement of the Polish subsidiary for the year ended 2020, Universal Global Electronics can acquire the remaining stake in the subsidiary at 10 times the static P/E ratio.
In line with its 2018 expansion strategy, USI has expanded its presence in a new sector after signing a joint venture agreement with Qualcomm in Brazil, and memorandum of understanding for a joint venture with Cancon. According to the statistics of MMI, USI ranked 16th among global electronic manufacturing service providers in 2017. After the completion of the acquisition, the company will have a production base in Europe, thereby expanding its footprint in the region.
According to C.Y. Wei, president of USI, the company now has a global customer base, with production bases mainly in Shanghai, Kunshan, and Shenzhen in China; Taiwan; and Mexico. The company plans to initially deliver automotive electronics products in Poland, and then roll out its industrial and server businesses in the medium and long term.
Share on:
Suggested Items
Flex Named 2025 World's Most Ethical Companies Honoree for the Third Consecutive Year
03/12/2025 | FlexFlex announced its recognition as one of the 2025 World's Most Ethical Companies® by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.
Jabil Announces Expansion into Gujarat
03/06/2025 | JabilJabil Inc., a global leader in engineering, supply chain, and manufacturing solutions, announced that it will open a new factory in Gujarat, its second in the country.
Air Taxis Poised for Mass Adoption as Honeywell Survey Highlights Consumer Interest
03/06/2025 | HoneywellHoneywell released new survey results showing nearly all U.S. airline fliers (98%) would consider taking an electric vertical take-off and landing vehicle, or eVTOL, as part of their travel journey
Audrey McGuckin to Keynote and Lead Interactive Workshop at EMS Leadership Day
02/28/2025 | Philip Stoten, Scoop CommunicationsIndustry veteran and talent guru Audrey McGuckin is set to deliver both a keynote address and workshop at the upcoming APEX EMS Leadership Day, focusing on the critical connection between talent strategy and business objectives.
Kia, Samsung Partner to Integrate SmartThings Pro into Kia PBVs
02/28/2025 | PRNewswireKia Corporation has entered into a strategic partnership with Samsung Electronics Co., Ltd. to introduce next-generation 'Internet of Things' (IoT) solutions for its Platform Beyond Vehicles (PBVs) offerings.