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Jabil Stock Advanced Higher On News Of Sale

Jabil Stock Advanced Higher On News Of Sale Of Manufacturing Business to BYD

Aug 29, 2023 | About 3 Minutes

Jabil, the contract electronics manufacturer, has agreed to sell its manufacturing business in China to BYD Electronic, a subsidiary of Chinese electric-vehicle maker BYD. The deal is worth approximately $2.2 billion, making it the largest sale in Jabil's history. 

The proceeds from the transaction will be used to enhance shareholder value through share buybacks and investments in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets. 

Following the announcement, Jabil's stock rose by 7.8% to $111.31. BYD Electronic stated that the acquisition will expand its core supply chain for consumer electronics and strengthen its market position. The acquisition includes Jabil's product manufacturing business in Chengdu and Wuxi, China. BYD Electronic's business spans smartphones, tablet PCs, new-energy vehicles, robots, and communications equipment.

This content is provided for general information purposes only and is not to be taken as investment advice nor as a recommendation for any security, investment strategy or investment account.