{"id":53839,"date":"2023-08-28T06:50:49","date_gmt":"2023-08-28T10:50:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/jabil-to-sell-manufacturing-business-in-china-to-byd-subsidiary-for-2-2-billion\/"},"modified":"2023-08-28T06:50:53","modified_gmt":"2023-08-28T10:50:53","slug":"jabil-to-sell-manufacturing-business-in-china-to-byd-subsidiary-for-2-2-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53839","title":{"rendered":"Jabil to Sell Manufacturing Business in China to BYD Subsidiary for $2.2 Billion"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Jabil
\n reached an agreement to sell its manufacturing business in China to
\n BYD Electronic,<\/span>
\n a subsidiary of Chinese electric-vehicle maker
\n BYD,<\/span>
\n in a deal valued at about $2.2 billion. <\/p>\n

In a statement,
\n Jabil
\n (ticker: JBL) said the sale of its mobility business would be the largest in the history of the contract electronics manufacturer. <\/p>\n

\n

\u201cIf completed, the proceeds from this transaction will enable us to enhance our shareholder-centric capital framework, including incremental share buybacks,\u201d said CEO Kenny Wilson. \u201cAdditionally, it will provide opportunities for further investment in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets.\u201d<\/p>\n

Jabil shares were up 2.4% in premarket trading.<\/p>\n

BYD said in a separate statement the acquisition would expand BYD Electronic\u2019s \u201ccore supply chain for consumer electronics, and thus further increasing its market share and consolidating its leading position in the industry.\u201d It will be taking over Jabil\u2019s product manufacturing business in Chengdu and Wuxi, China.<\/p>\n

BYD Electronic\u2019s businesses range from smartphones, tablet PCs, new-energy vehicles, robots and communications equipment. <\/p>\n

Write to Joe Woelfel at\u00a0joseph.woelfel@barrons.com\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Jabil reached an agreement to sell its manufacturing business in China to BYD Electronic, a subsidiary of Chinese electric-vehicle maker BYD, in a deal valued at about $2.2 billion. In a statement, Jabil (ticker: JBL) said the sale of its mobility business would be the largest in the history of the contract electronics manufacturer. \u201cIf […]<\/p>\n","protected":false},"author":1,"featured_media":53840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-53839","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nJabil to Sell Manufacturing Business in China to BYD Subsidiary for $2.2 Billion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Jabil reached an agreement to sell its manufacturing business in China to BYD Electronic, a subsidiary of Chinese electric-vehicle maker BYD, in a deal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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