Manufacturer Foxconn has swallowed up a 20 per cent stake in UK firm Bamboo as it looks to expand into Europe.
Bamboo specialises in recovery, refurbishing and recycling consumer electronics devices and is based in Hertfordshire.
Global manufacturer Foxconn has taken a 20 per cent slice in the firm for an undisclosed sum as it pursues its mission to expand into Europe. It chose Bamboo because of its compliance with environmental and data-protection regulations and its current and projected growth plans, it claimed.
The duo began working together in a strategic partnership earlier this year. Following the investment, a new co-founded distribution centre providing services to the UK and Europe will be set up, which the pair claims will increase Bamboo's processing, fulfilment and distribution capability.
Juney Mistiki, managing director of Bamboo Distribution, said: "This is an exciting time for us and a clear endorsement for our company. Foxconn recognised the value we are already providing our customers. Following extensive talks with Foxconn, we demonstrated why we were the right choice to help drive its expansion into Europe. Of course, this is a two-way agreement; our customers will immediately benefit from the direct access we now have to one of the most successful electronics manufacturing companies in the world."
As part of the acquisition Foxconn vice president Paul Chou will join Bamboo's board of directors.
"Bamboo Distribution offered us the ideal gateway to the European market [and] the company was a natural fit," he said. "It was clear from our discussions that the company's customers have complete confidence in Bamboo Distribution's services and its operations contain the capacity required to take advantage of the growth predicted in the sector. Our investment will enable us to gain a strong foothold in Europe through an established provider that is well respected in the industry."
Foxconn has hit the headlines in recent years over working conditions in some of its facilities, which at the time were used to create products for a number of tech giants such as Apple and HP.
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