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Hon Hai plans to spin off FIT unit
Hon Hai Precision Industry – most commonly known as Foxconn – is planning to spin off its Foxconn Interconnect Technology business in an initial public offering valued at USD 1.5 billion.
The Taiwanese company intends spin off its FIT unit via a Hong Kong public offering scheduled for the second quarter of 2016, Reuters reports via IFR. The funds generated from the deal is expected to be used to expand the companies overseas business, as well as to develop new technologies, the report continues.