Gadgets & Electronics, Telecom & Wireless

Foxconn Enhances Investment In Used Phone Market

Foxconn Group's Foxconn Electronics has enhanced investment in the second-hand smartphone market.

Foxconn Group's subsidiary NC-IH recently acquired a 20% stake in British mobile phone dealer Bamboo Distribution, which focuses on the recycling, refurbishment and distribution of used mobile phones. This investment will allow Foxconn to enter the European mobile phone recycling and reuse market to create a new operating revenue source.

Foxconn started tapping the used mobile phone market in September 2014, when the group's subsidiary FIH Mobile acquired 30% of CExchange, an electronics products recycling and reuse company in the U.S. In mainland China, the group also established a subsidiary to operate smartphone trade-in services. This subsidiary provides smartphone recycling, testing, reuse, and resale services via an Internet platform.

In addition, Foxconn reportedly reached an agreement with Softbank's subsidiary Brightstar for joint development of mobile phone recycling and trade businesses.

Image Credit: Tetiana Yurchenko

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