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USI closes its joint venture company in Brazil
Universal Scientific Industrial (Shanghai) Co., says it is going to close its joint venture company in Brazil. The JV was formed back in 2018 between the company's subsidiary, Universal Global Electronics, and Qualcomm Technologies.
The main business of the JV includes R&D and manufacture of System-in-Package (SiP) modules, which are applied to smart phones and IoT devices.
USI says that as a result of the unexpected market conditions, the JV has been stuck in trial operation without any major commercial activities, failing to meet the agreed contractual terms. Therefore, the two parties agreed to terminate the company.
USI says that the move will not affect its partnership with Qualcomm or its overall business development and profitability.
