INTERNATIONAL news
EMS and ODM market to reach $958.6 billion by 2026
Amid the Covid-19 crisis, the global market for EMS and ODM was estimated at $588.7 billion in the year 2020. The same is projected to reach $958.6 billion by 2026, growing at a CAGR of 8.5% over the period. The EMS model is gaining momentum supported by the ability of contract manufacturers to offer production-related economies of scale, procurement of raw materials, industrial design expertise, and resource pooling, in addition to providing value added services such as repairs and warranty.
Bharti-backed OneWeb launches 36 additional satellites
Bharti-backed LEO satellite communications provider OneWeb has launched 36 satellites by Arianespace from the Vostochny Cosmodrome. In the past month, the company has announced partnerships with Galaxy Broadband and completed acquisition of the company formerly known as TrustComm, now OneWeb Technologies, together with the announcement of funding from Hanwha Systems and additional funding from Eutelsat. With this, OneWeb’s total in-orbit constellation stands at 358 satellites, which is over half of OneWeb’s planned 648 LEO satellite fleet.
Dover selling Unified Brands to Electrolux Professional AB
Dover has entered into a definitive agreement to sell its Unified Brands business, which is part of Dover’s refrigeration and food equipment segment, to Electrolux Professional AB (STO: EPRO B). The deal is worth approximately $244 million on a cash-free and debt-free basis, subject to customary post-closing adjustments. The transaction is expected to close in the fourth quarter of 2021.
Qualcomm and SSW partner to acquire Veoneer for $4.5 billion
Chipmaker Qualcomm Inc. and New York based investment partnership SSW Partners announced that they have reached a definitive agreement to acquire automotive tech company Veoneer.
The acquisition will be for $37 per share in an all-cash transaction, representing a total equity value for Veoneer of $4.5 billion. Qualcomm will incorporate Arriver’s Computer Vision, Drive Policy and Driver Assistance assets into its Snapdragon Ride Advanced Driver Assistance Systems solution.
Volvo Cars plans IPO to fund EV business
Swedish auto giant Volvo Cars has announced that it is planning to file for an initial public offering (IPO) for its electric vehicle business. Owned by China’s Zhejiang Geely Holding Group Co, Volvo plans to raise around 25 billion kroner ($2.9 billion) by selling shares for which it will launch the IPO on Nasdaq Stockholm. It will also invest in battery supply in Europe, the USA, and China, and in the in-house production of electric motors.
Samsung close to finalising $17 billion chip facility construction
South Korean tech conglomerate Samsung Electronics is in the final stages of finalising the construction of a $17 billion semiconductor factory in Williamson County in the USA’s state of Texas. The factory will make advanced logic semiconductor chips and is likely to create about 1,800 jobs. In the global chip contract manufacturing industry, Samsung is second to TSMC, which had 52.9% of market share compared to Samsung’s 17.3% as of end-June.
Intel breaks ground on leading-edge chip factories in Arizona
Intel broke ground on two new leading-edge chip factories at the company’s Ocotillo campus in Chandler, Arizona. With the addition of the two new factories to be named Fab 52 and Fab 62, Intel’s Ocotillo campus will house a total of six fabs. When fully operational in 2024, the new fabs will manufacture Intel’s most advanced process technologies, including Intel 20A featuring the new RibbonFET and PowerVia innovations.
Ford announces $11.4 billion investment in EV plants
Ford plans to make the largest ever investment in electric vehicles in the USA at one time by any automotive manufacturer and, together with its partner, SK Innovation, plans to invest $11.4 billion and create nearly 11,000 new jobs at the Tennessee and Kentucky mega-sites. Ford expects 40 to 50% of its global vehicle volume to be fully electric by 2030. The company says that an all-new $5.6 billion mega campus in Stanton, called Blue Oval City, will create approximately 6,000 new jobs.
CATL to acquire Canada’s Millennial Lithium
Canada’s Millennial Lithium Corp said Chinese battery maker Contemporary Amperex Technology Co. Ltd (CATL) has agreed to buy the miner for C$376.8 million ($297.3 million), after outbidding compatriot Ganfeng Lithium. This deal comes as prices for battery-grade lithium carbonate in China have more than tripled so far this year as EV demand accelerates back from the pandemic fallout.
Carl Pei’s Nothing raises $50 million, collaborates with Qualcomm
London based consumer tech brand Nothing is collaborating with Qualcomm Technologies Inc. and its Snapdragon platform. Nothing also announced that it has completed Series A extension of $50 million from strategic and private investors. The funding will be used towards research and development in preparation for the brand’s entry into new product categories as part of its ecosystem.