Hon Hai Precision, better known as Foxconn, is already the world's largest electronics manufacturer. Chances are if you've got a laptop, console or smartphone it was assembled in one of the company's many Chinese factories. The giant has also gotten quite cozy with Sharp, with an eye towards investing directly in the LCD market, though no deal has been made official. Now the company is dipping its toes in the camera business, by purchasing an 8.88-percent stake in GoPro for $200 million. GoPro is best known for its rugged shooters used by shows like MythBusters, oh, and the Engadget Show! There's not many details to report at the moment but, if you're curious, there's PR awaiting you after the break.
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Foxconn Acquires $200 Million Stake in GoPro
World's Largest Electronics Manufacturing Company Buys 8.88% of GoPro, Foxconn Founder and CEO Terry Gou to Join GoPro's Board
SAN MATEO, Calif., Dec. 20, 2012 /PRNewswire/ -- GoPro® announced today that Hon Hai Precision Industry Co., Ltd, the world's largest electronics manufacturing company also known as Foxconn, has acquired an 8.88% full-diluted stake in GoPro for $200 million, valuing the company at $2.25 billion. GoPro makes the world's most versatile cameras, enabling people to capture and share immersive and engaging footage of themselves during their favorite activities. Terry Gou, Foxconn's Founder and CEO, will join GoPro's board. Notable products manufactured by Foxconn include Apple's iPhone®, iPad®, Sony PlayStation®, and Microsoft Xbox®.
"Needless to say, we are over the moon to have Terry Gou and Foxconn join us on our mission to scale GoPro into one of the great enabling companies of our time," said GoPro Founder and CEO, Nicholas Woodman. "Foxconn and GoPro see a future where personal content capture and enjoyment will play an increasingly important role in our lives and we're excited to combine efforts to strengthen GoPro's position in that future."
Terry Gou added, "I saw a great opportunity in investing in GoPro, not only the company's product lines but also the man who is running the company. The first time I saw Nick Woodman, I immediately knew he was an outstanding entrepreneur who has the caliber to be very successful in this business. And together with Foxconn, the outlook of this company is even brighter as we commit to helping it achieve its fullest potential."
GoPro makes the world's most versatile cameras, enabling people to capture immersive and engaging footage of themselves during their favorite activities. GoPro's HERO line of wearable and gear mountable cameras are used collectively by more consumers, professional athletes, and video production professionals than any other camera in the world. Based in San Mateo, California, GoPro's products are available in more than 30,000 stores in over 100 countries worldwide and direct via GoPro.com.
GOPRO®, HERO®, are trademarks or registered trademarks of Woodman Labs, Inc. in the United States and other countries. All other company, product names are trademarks or registered trademarks of their rightful owners.