Foxconn acquires a 20% share of the UK mobile phone recovery, recycling and distribution specialist in new agreement
26th October 2015 – London, UK – Bamboo Distribution today announced that a subsidiary of Foxconn Technology Group has acquired 20% of Bamboo Distribution.
Foxconn’s decision to invest in the company is based on a number of strategic factors, including Bamboo Distribution’s compliance with all environmental and data protection regulations, the company’s current and projected growth expectations, its operational capabilities and specialist knowledge of the mobile buy-back, reconditioning, distribution and recycling sectors.
Juney Mistiki, Managing Director of Bamboo Distribution said, “This is an exciting time for us and a clear endorsement for our company. Foxconn recognised the value we are already providing our customers. Following extensive talks with Foxconn, we demonstrated why we were the right choice to help drive its expansion into Europe. Of course, this is a two-way agreement; our customers will immediately benefit from the direct access we now have to one of the most successful electronics manufacturing companies in the world.”
Foxconn’s investment in Bamboo Distribution follows the news earlier this year that the two companies had entered a new strategic partnership designed to strengthen Foxconn’s position within the European market and open new revenue channels. Central to this agreement will be a new co-founded distribution centre providing services in the UK and Europe, which will increase Bamboo Distribution’s processing, fulfillment and distribution capacity.
As part of the acquisition US based Mr Paul Chou, Vice President of Foxconn, joins Bamboo Distribution’s board of directors. Paul has been part of Foxconn for over 13 years, helping to set up and manage operations globally to support the expansion of various Foxconn businesses. He will bring a wealth of knowledge and experience to Bamboo Distribution and will coordinate the integration of opportunities for the businesses.
Paul Chou said, “Bamboo Distribution offered us the ideal gateway to the European market, the company was a natural fit. It was clear from our discussions that the company’s customers have complete confidence in Bamboo Distribution’s services and its operations contain the capacity required to take advantage of the growth predicted in the sector. Our investment will enable us to gain a strong foothold in Europe through an established provider that is well respected in the industry.”
About Bamboo Distribution
Founded in 2009, Bamboo Distribution is one of Europe’s leading providers of mobile phone and consumer electronics processing services. This includes distribution and fulfillment, data cleansing, reconditioning, recycling and resale designed to provide customers with maximum commercial value per asset and full compliance with all necessary international regulations. The company currently has revenues of over £30 million a year and it is aiming to treble this to £105 million by the end of 2017 through the partnership with Foxconn. Bamboo Distribution operates in 22 countries and works closely with many of Europe’s leading mobile network operators, retailers and insurance companies.
More information is available at https://www.bamboodistribution.com.
Marco Fiori, Bamboo PR
+44 207 702 6061