Schmidt takes 49pc stake in joint firm

SCHMIDT & Co (Hong Kong) has taken a 49 per cent stake in a joint-venture company with Singapore-based Siemens Components Pte Ltd to tap into the growing electronics markets of Hong Kong, China and Vietnam.

The new company, to be called Siemens Components Ltd, will specialise in semiconductors and begin operation this month.

Company officials are projecting sales of $500 million for the first fiscal year.