Market Overview

SoftBank Setting up JV With Alibaba,Foxconn to Sell Pepper Robot, Priced at $1610.54

Share:

SoftBank Corp. (OTC: SFTBY), Alibaba Group Holding Limited (NYSE: BABA) and Foxconn Technology Group (OTC: HNHPF) today announced an agreement under which Alibaba and Foxconn will each invest JPY 14.5 billion in SoftBank Robotics Holdings Corp. ("SBRH"), the SoftBank Group's intermediate holding company responsible for its robotics business. Under the agreement, upon the completion of the investment by Alibaba and Foxconn, SoftBank's SBRH share ownership ratio will become 60%, and Alibaba and Foxconn will each hold ownership stakes of 20%.

SoftBank, Alibaba and Foxconn will build a structure to bring Pepper and other robotics businesses to global markets, and cooperate with the aim of spreading and developing the robotics industry on a worldwide scale.

Masayoshi Son, Chairman & CEO of SoftBank, said, "Since foundation, we have followed our corporate philosophy of ‘Information Revolution — Happiness for everyone.' I am very excited that we will partner with Alibaba and Foxconn, and challenge to go global with our robotics business, including Pepper, as a first step to realize our vision. To bring more smiles to people around the world, we will aim to be the No.1 robotics company."

Jack Ma, Alibaba Group Founder and Executive Chairman, said, "As we enter the data technology era, robotics will become a critical field that catalyzes technological breakthroughs in numerous sectors such as healthcare, public services, research and at home. Our partnership with SoftBank and Foxconn combines the best hardware and software talent in the industry to pave the way for robotics research and development. We are delighted to play an active role in the emerging field of robotics, that with cutting-edge technology and transformative products and services, can positively impact millions of lives."

Terry Gou, Founder and CEO of Foxconn Technology Group, said, "Foxconn is pleased to be partnering with SoftBank and Alibaba as part of our effort to drive the advancement of robotics engineering. This is a strategic area of focus for our company as we continue to advance our capabilities in intelligent manufacturing and realize our Industry 4.0 vision." He added, "As a leading global technology company, Foxconn is committed to investing in innovation that enables us to deliver cutting-edge solutions to our customers and that supports our goal of leveraging technology to bring greater convenience to the lives of consumers around the world."

 

Related Articles (HNHPF + SFTBY)

View Comments and Join the Discussion!

Posted-In: News Contracts Press Releases