Foxconn to step up cooperation with SK Group
Foxconn Electronics (Hon Hai Precision Industry) is expected to expand its cooperation with Korea’s SK Group to include semiconductors, telecom services and energy, in addition to current cooperation focusing on IT services and ODM handset production, according to industry sources.
The agreement for the expansion of cooperation between the two companies was reached at a recent meeting between Foxconn chairman Terry Gou and SK Group chairman Chey Tae-Won held in Taipei recently.The cooperation tie began in July 2014 when Foxconn committed an equity investment of NT$11.2 billion (US$344.88 million) in SK C&C, a unit under the SK Group. The two companies also formed FSK Holdings to offer IT services in China.Additionally, SK Telecom announced recently that it will begin marketing a new smartphone, the Luna, in the Korea market on September 4. The Luna is manufactured by FIH Mobile, a subsidiary of Foxconn.Since SK Telecom is the largest mobile operator in Korea with a total of 16 million 4G subscribers, it may increase its purchase of smartphones from Foxconn under the expanded cooperation agreement, said the sources.Foxconn and the SK Group will also join forces to tap the India market coverning financial, electronics parts, telecom and networking sectors, added the sources.