China’s BYD to buy US manufacturer Jabil’s China business for 15.8 bn yuan

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Chines electric vehicle maker BYD Co said on Monday its unit struck a deal with US-based manufacturing firm Jabil Inc’s Singaporean unit to buy its product manufacturing business in China for 15.8 billion yuan ($2.17 billion).

Jabil Circuit (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to BYD.

“While improving BYD Electronic (International) Co’s market share of products, the acquisition will effectively synergize with BE’s existing products, enhance the overall competitiveness, ensure long-term sustainable development,” BYD said in an exchange filing, without divulging any further details about the acquisition.