(Taipei/USA - April 6, 2023) - FIT Hon Teng Limited (“FIT” or “Company”, SEHK stock code: 6088) today announced its plan to expand its global services with a US$400 million investment in its wholly-owned subsidiary in Singapore, responding to the trend of the electronics manufacturing industry's increasing diversification of global manufacturing bases.
FIT further explained its overseas expansion plans, which prioritize the needs of its core customers and the development of the "3+3" strategy for EV, Audio, and 5G AIoT. Of the US$400 million investment, US$150 million will be used for its subsidiary in India, US$50 million for its subsidiary in Vietnam, and US$200 million to prepare for the acquisition of a German automotive wire harness factory announced earlier this year. The related case is currently being finalized, indicating FIT 's clear determination to diversify its global layout.
In recent years, FIT has achieved remarkable results by executing 3+3 strategy. According to the company's 2022 financial information, 22% of the revenue comes from the 3+3 strategy. The company is also quite confident that it can achieve its commitment to a 30% revenue share in 2023. With the blossoming results of multiple manufacturing bases around the world in the future, FIT will have more flexible operational capabilities to serve world-class customers.
About FIT Hon Teng
Foxconn Interconnect Technology (FIT) is a leading global solutions developer and manufacturer cultivating connectivity for a better world. With unsurpassed capabilities in development, research, manufacturing engineering and design, production, supply chain, and go-to-market planning for world class brands and private label products spanning B2C and B2B categories, FIT is at the forefront of worldwide technological trends delivering compelling user experiences at scale. With offices and manufacturing sites located in Asia, the Americas and Europe, FIT is a global leader in the manufacturing of high precision interconnect components. For more information, visit FIT’s website: fit-foxconn.com.
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