Japan's Foster Electric to open speaker material plant in Vietnam

Economy

Japan's Foster Electric Co. plans to launch a joint venture in Vietnam in December with China's Hengdian Group DMEGC Magnetics Co. to manufacture ferrite magnets, a key material for speakers. By setting up the joint venture, Foster Electric aims to diversify the supply of ferrite magnets, now mostly from China, to "reduce its dependency on China and ensure stable procurement," the audio equipment maker said in a news release last week. Foster Electric will have a 19.9 percent stake in the joint venture, Hengdian Group DMEGC Magnetics (Vietnam) Co. with capital of $5 million, while Hengdian Gro...

Kyodo News

Kyodo News