Foxconn said it will take a 10% stake in TECO as part of a share swap and will focus on building data centers around the world, including the U.S.

Teco Electric and Machinery specializes in the manufacture of electric motors. It has also delivered over 700MW of data center projects in Southeast Asia. Foxconn, officially known as Hon Hai Technology Group, is a contract manufacturer specializing in electronics and IT products. It is a major manufacturer of servers.

Taiwan's Foxconn said it will hold a press conference with Taiwanese industry motor maker TECO Electric & Machinery at 3:30 p.m. (0730 GMT) on Wednesday. The press conference comes after the Apple and Nvidia supplier halted trading in its shares late on Tuesday,