Foxconn Invests $200M in U.S. Camera Maker
Hon Hai Precision Industry, the Taiwanese contract electronics manufacturer known as Foxconn, is buying an 8.88 percent stake in Woodman Labs, the maker of the GoPro line of camcorders for surfing and other sports, for $200 million.
Foxconn's factories assemble Apple products like the iPhone and iPad, and the company has shown interest recently in expanding its facilities into the U.S.
Terry Guo, Foxconn's founder and CEO, will take a seat on the board of Woodman Labs, the San Mateo, Calif., company said Thursday. Woodman Labs is privately held.
GoPro has released the following press release regarding the investment:
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."