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The board of directors of EMS firm Venture Corp. Ltd has announced that a wholly-owned subsidiary of the Venture Group, Venture Enterprise Innovation Inc. (VEI), has entered into a sale and purchase agreement with S&S (Barber) LLC to acquire a freehold property located at 481 Cottonwood Drive, also known as 1621 Barber Lane in Milpitas, California, USA.
The property comprises a freehold estate with a land area of approximately 9.64 acres and an industrial building built-up of approximately 182,405 square feet. Upon completion of the proposed acquisition, the property will further augment the Group’s cluster of excellence in the US, as well as strengthen its presence and image in the country. Specifically, the property will be used by the Group for activities in connection with a new platform enterprise to forge new alliances, partnerships, and ventures that will enable the Group to participate in advanced new technologies and businesses, develop an ecosystem in the US to foster innovation and collaboration with the Group’s upstream and downstream business partners, and transform the Group into a next-generation leading provider of high technology solutions and services.
The proposed acquisition is expected to be completed by February 9, 2018.