Global electronic component and service provider Yageo Corporation announced on Oct 27 that it has entered into a binding commitment with Schneider Electric, the leader in the digital transformation of energy management and automation, to acquire its Telemecanique Sensors business in an all-cash transaction. The proposed transaction values ​​Telemecanique Sensors’ business at an enterprise value of EUR 723 million (US$729 million) with an estimated equity value of approximately EUR 686 million (US$692 million) assuming customary adjustments at closing and will be financed entirely through existing cash.

Hon Hai Technology Group (Foxconn) has announced plans to partner with Youngstown State University (YSU) to set up an electrical vehicle (EV) workforce training and innovation center at Ohio’s Lordstown, where Foxconn operates an EV plant.

The European Council and European Parliament reached a provisional deal on October 27 to lower new car emissions and achieve a zero level in 2035. The planned law will terminate new internal combustion engine vehicles sale in the same year and likely accelerate automakers’ transition to EVs. Parliament and Council will have to formally approve the agreement before it can come into force.