Hon Hai, more commonly known as Foxconn at the international level has decided to stay in the news for reasons ranging from their involvement with Apple or their questionable labour dealings. However, luckily this time, the Taiwanese multinational company has caught the lime light for a positive reason, as it has been learnt that Apple Inc’s leading partner has now decided to enter into the camera business by purchasing a small stake in GoPro, a U.S. based camera manufacturer.
As a result of this deal, Foxconn got 8.88 percent shares of GoPro for which the company has spent $200 million. GoPro is famous for making rugged waterproof cameras that are not only used by sky divers, skiers and surfers, but are also used for shooting different popular TV shows like MythBusters, the Engadget Show! and others.
No further information regarding this deal has yet been known, but New York based research firm PrivCo Media’s CEO, Sam Hamadeh has declared that this was a great achievement by Foxconn.
As he said that “This is a phenomenal success story and it’s based on creating gadgets, which is quite rare now. To go from zero to $600 million in sales since 2003 and a valuation of $2 billion in such a short time is quite remarkable.”
The reason for declaring Foxconn’s story as successful was that not only this company has been manufacturing iPhones and iPads for Apple, but it has also been making PlayStations for Sony plus more recently looking to work closely with Sharp electronics so it can enter in the LCD market, however, this is not official yet.
Nonetheless, in spite of it Foxconn has been able to attain the status of world’s biggest electronics manufacturer, which is now gearing up to dip its toes in the camera industry.
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