Apple, Samsung glass maker Biel Crystal to file for $2 billion IPO
Biel Crystal Manufactory, the manufacturer of glass covers for Apple and Samsung mobile devices, is set to file for an initial public offering worth $2 billion.
According to IFR, a Thomson Reuters publication, sources close to the plan said the initial public offering will be set in Hong Kong and is valued at roughly $2 billion.
A number of banks will be organizing and managing the IPO and terms are due to be set within the next few months.
A final agreement is expected by the end of 2016.
Featured
Founded in 1986, Biel Crystal is a Hong Kong-based company with manufacturing facilities in ShenZhen and Huizhou. Catering for over 60,000 workers, the manufacturer supplies glass components for customers including Apple, Samsung, Tag Heuer and Gucci.
Biel Crystal supports 90 percent of the world's top mobile brands in some manner, according to the company's website. The firm supplies components including watch faces, sapphire crystal and mineral glass.
Last week, reports suggested that iPad and iPhone maker Apple has warned Japanese and South Korean component suppliers that the firm plans to reduce iPhone 6 and iPhone 6 S production rates by approximately 30 percent in the first calendar quarter. It is believed that falling sales rates of the latest flagship devices and dollar depreciation led to the decision, which may impact on liquid crystal display panel and image sensor suppliers.
In 2013, Biel Crystal was accused of poor working conditions for employees working in iDevice component factories.