USI Completes Acquisition of TE Automotive Wireless Business from TE Connectivity Ltd.

SHANGHAI, Oct. 30, 2023 /PRNewswire/ -- Universal Scientific Industrial (Shanghai) Co., Ltd. (USI, SSE 601231), is pleased to announce the successful completion of its acquisition of the TE Automotive Wireless business from TE Connectivity Ltd. The acquisition was formally closed and completed on October 27, 2023, marking a significant milestone in USI's strategic growth and expansion initiatives.

The acquired business will be resuming its formal name "Hirschmann Car Communication", which has been well-known among the automotive industry. USI, a global leader in electronic design and manufacturing, has discerned the immense potential of Hirschmann Car Communication as a valuable addition to its portfolio. Hirschmann Car Communication will be led by its existing management team continually and remains committed to providing state-of-the-art automotive wireless solutions to its customers.

Jeffrey Chen, Chairman and CEO at USI, stated, "We are thrilled to extend a warm welcome to Hirschmann Car Communication into our corporate family. This strategic acquisition underscores our dedication to advancing automotive electronics and connectivity solutions. The team at Hirschmann Car Communication has demonstrated innovation, resolute, and commitment. Together, we have a common vision for the future of Hirschmann Car Communication and USI."

USI and Hirschmann Car Communication look towards maintaining and strengthening existing relationships with customers, partners, and suppliers, and to explore fresh possibilities and areas to deepen collaborations. This acquisition solidifies USI's standing as a global leader in electronic solutions and underscores its unwavering commitment to delivering reliable and innovative products to the automotive industry.

About USI (SSE: 601231)

USI, Universal Scientific Industrial (Shanghai) Co., Ltd., is a global leader in electronic design and manufacturing as well as a leader in the field of SiP (System-in-Package) modules. USI provides D(MS)² product services: Design, Manufacturing, Miniaturization, Industrial software and hardware Solutions, and material procurement, logistics and maintenance Services. With Asteelflash, USI has 28 sales, production and service locations across four continents of Asia, Europe, Americas and Africa, and offers customer diversified products in the sectors of wireless communication, computer and storage, consumer, industrial, medical and automotive electronics worldwide. USI is a subsidiary of ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX). To learn more, please visit www.usiglobal.com and engage with us on LinkedIn and YouTube.

SOURCE Universal Scientific Industrial (Shanghai) Co., Ltd.