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LONDON, UK / ACCESSWIRE / July 31, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Rockwell Automation Inc. (NYSE: ROK), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ROK. The Company US based and Taiwan based Hon Hai Precision Industry Co., Ltd ("Foxconn") announced on their collaboration on July 28, 2017. As per the collaboration, Foxconn has chosen Rockwell to implement smart manufacturing concepts like Connected Enterprise and Industrial Internet of Things (IIoT) at Foxconn's Consumer Electronics Assembly Operations at the new manufacturing facilities in the US. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Rockwell did not share the financial aspects of the collaboration in its press communication.
Commenting on the collaboration, Terry Guo, Chairman and CEO of Foxconn said:
"I am very excited about the opportunity for Foxconn and Rockwell Automation to work together. Foxconn is the global leader in electronic design manufacturing, and Rockwell Automation is the world's largest Company dedicated to industrial automation and information. I am confident that together we will increase operational efficiencies in electronics manufacturing to new levels, achieving the vision of Smart Manufacturing and Made in China 2025."
Blake Moret, President and CEO of Rockwell Automation commented:
"We are excited about the opportunity to work with a global technology and manufacturing leader to deliver advanced IIoT solutions to the electronics manufacturing industry. Our work with Foxconn will further demonstrate the power and broad applicability of The Connected Enterprise. We are also pleased that Foxconn shares our commitment to expanding and upskilling the US workforce to ensure there is the necessary talent for advanced manufacturing roles."
Scope of the collaboration
Apart from the implementation of Connected Enterprise and IIoT at Foxconn's Consumer Electronics Assembly Operations, the scope of collaboration between the two Companies also extends to the development and application of the Smart Manufacturing solutions at Foxconn's Global Electronics Assembly Operations. Foxconn, in turn, has agreed to support Rockwell Automation 's initiative to train and upskill 1,000 Military Veterans yearly in next generation advanced digital manufacturing roles across the US and both Companies have agreed to jointly work on workforce development and training. With Foxconn's plans to invest heavily in the manufacturing sector in the US, the Company is expected to create a host of new jobs in this sector. This will be complementary to Rockwell Automation's initiative. In June 2017, Rockwell Automation had joined hands with ManpowerGroup (NYSE: MAN) for this venture which would start the training and upskill 1,000 veterans annually by FY18. The initiative is expected to create a highly-trained talent pool which would be in great demand in the advanced manufacturing sector.
Foxconn's Plans in US
In June 2017, during the Company's AGM speech, Terry Gou had said that his Company would invest more than $10 billion over a five-year period in the US, which will lead to the creation of tens of thousands of new jobs in the US. On July 26, 2017, at a White House event, President Donald Trump welcomed Foxconn and announced the Company's plans for investing $10 billion and creating jobs in the US. Foxconn plans to build a state-of-the-art factory for the manufacture of LCD (liquid-crystal display) panels for television and computer screens in southeastern Wisconsin. This factory is expected to start operations in 2020 and initially provide 3,000 jobs. It also "has the potential to" create 13,000 jobs in the next six years. Each of this position is expected to have an average annual salary of nearly $54,000.
Following this, on July 27, 2017, Foxconn's Terry Gou and Scott Walker, Governor of Wisconsin signed a Memorandum of Understanding (MoU). As per the MoU, the government will assist Foxconn in procuring land for building a factory and the requisite permits for the same. The factory is expected to be built over 20 million square feet, large enough to hold 11 football fields. The state government has also agreed to provide more than $3 billion in tax breaks to Foxconn. So far, Foxconn is yet to finalize a site for the manufacturing facility and is exploring several alternatives. The investment is expected to improve the economic and employment outlook of the state.
About Rockwell Automation
Milwaukee, Wisconsin based, Rockwell Automation is a global leader in industrial automation and information. The Company's flagship brands Allen-Bradley® and Rockwell Software® are known for innovation and excellence across the world. Rockwell Automation serves customers in more than 80 countries and is supported by a global team of around 22,000 employees.
The Company's global sales for the fiscal year 2015 were $6.3 billion.
About Foxconn
Hon Hai Precision Industry Co., Ltd is also known as Foxconn Technology Group and is more popular as the assemblers for Apple' iPhones. Foxconn was established in 1974 by Terry Gou as a manufacturer of electronic products. Foxconn is a globally trusted name in contract manufacturing services including CEM, EMS, ODM, and CMMS and is known for its proprietary 3C (Computer, Communication, and Consumer-electronics) OEM service business model – eCMMS. Recently, Foxconn has expanded into technology services and offers the most comprehensive technology and manufacturing solutions to its customers.
In August 2016, Foxconn completed the acquisition of Japanese electronics major Sharp Corp. in a deal worth approximately $3.5 billion.
Last Close Stock Review
At the closing bell, on Friday, July 28, 2017, Rockwell Automation's stock marginally slipped 0.30%, ending the trading session at $164.47. A total volume of 653.35 thousand shares have exchanged hands. The Company's stock price soared 4.52% in the last three months, 9.10% in the past six months, and 41.50% in the previous twelve months. Moreover, the stock rallied 22.37% since the start of the year. The stock is trading at a PE ratio of 27.45 and has a dividend yield of 1.85%. The stock currently has a market cap of $21.25 billion.
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