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TAIPEI - Hon Hai (TW:2317) Precision Industry Co., better known as Foxconn (SS:601138), announced Monday that three of its subsidiaries have sold land, buildings, and equipment at its Lordstown, Ohio facility for a combined $375 million to Crescent Dune LLC.
The transaction includes the sale of approximately 600 acres of land and buildings spanning over 6 million square feet for $88 million by Foxconn EV Property Development LLC. Two other subsidiaries, Foxconn EV Asset Management LLC and Foxconn EV System LLC, sold machinery and equipment for $257 million and $30 million respectively.
The company expects to realize a total gain of approximately $169.4 million from the disposals, according to the regulatory filing. The Ohio property was originally acquired in March 2023 for $78.7 million, while the machinery and equipment were purchased in separate transactions in December 2022 and March 2023.
Professional appraisals conducted by CBRE (NYSE:CBRE) valued the real estate at $88 million, while Moegenburg Research, Inc. assessed it at $90.65 million.
Foxconn’s board of directors approved the sales on Monday, describing the purpose as "asset revitalization to optimize the site’s product portfolio and operational performance."
The Lordstown facility has been part of Foxconn’s efforts to expand into electric vehicle manufacturing in the United States. The company acquired the former General Motors (NYSE:GM) plant from Lordstown Motors (OTC:NRDE) as part of its strategy to diversify beyond consumer electronics manufacturing.
The announcement was made through a regulatory filing to the London Stock Exchange (LON:LSEG).
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