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Hon Hai, Brazilian Billionaire Cooperate on Green Energy Business

2012/05/02
Taipei, May 2, 2012 (CENS)--Eike Batista, reportedly Brazil's richest man, recently announced that his company and Hon Hai Precision Industry Co., Ltd., the owner of brand name Foxconn, would open a US$1 billion joint venture in Rio De Janeiro to assemble car batteries, solar panels and LED streetlights.

According to wire services, Batista's EBX Group and Hon Hai will each pay half of the investment capital. Last year, EBX and Hon Hai reportedly jointly set up two LCD factories in Brazil at spending of around US$8 billion.

Taiwan's industry executives regarded the cooperation as Hon Hai Chairman Terry Gou's another significant step into the green-energy field. Instead of feeling that the entry of the world's No.1 electronics contract manufacturer into green-energy sector would threat existing manufacturers, they consider Gou's access to the field as an endorsement of the long-term development of the industry.

They pointed out that although Hon Hai's involvement would further intensify undercutting competition in the industry, the may not gain upper hand in the competition as existing suppliers have grown full-fledged after waves of stiff competition.

While stepping up investments in Brazil, Hon Hai is reportedly dealing with employees at its Brazilian factory over their walkout plan. According to Journal de Jundia, a Brazilian news media, the workers have vowed to walk out if the employer fails to improve working conditions at the factory.
(by Ken Liu)
 
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