Source: Biztimes

Foxconn Technology Group and one of its subsidiaries are acquiring a combined 7.24 percent stake in the California-based television brand Vizio for nearly $70 million, according to a report by Nikkei Asian Review.

Foxconn products on display at Waukesha County Technical College.

Hon Hai Precision Industry, the Foxconn parent company, and its LCD panel subsidiary Innolux are making the investments. Nikkei reported Jim Hung, who becomes Innolux chairman on Thursday, said the investment will provide the company steady shipment demand to the brand over the long term.

The report also noted the deal could pave the way for potential TV assembly operations at Foxconn’s planned manufacturing campus in Mount Pleasant while also providing access to Vizio’s sales channels in the U.S.