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Jabil Cuts Exposure To Apple, China With Division Sale

News Snapshot:

Contract manufacturer Jabil (JBL) will lower its exposure to major customer Apple (AAPL) and operations in China with the planned sale of its mobility unit. Jabil stock jumped Monday on the news. X St. Petersburg, Fla.-based Jabil announced late Sunday a preliminary agreement to sell its mobility unit to China-based BYD Electronic for $2.2 billion. "If completed, the proceeds from this transaction will enable us to enhance our shareholder-centric capital framework, including incremental share buybacks," Chief Executive Kenny Wilson said in a news release. "Additionally, it will provide opportunities for further investment in electric vehicles, renewable energy, health care, AI…

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