Taiwan-based EMS (Electronics Manufacturing Services) provider Foxconn Technology and German retailer Metro Group announced on March 24 that they have signed a memorandum of understanding, whereby the two companies will join hands to open large format consumer electronics retail stores in China, Taiwan's Economic Daily News reported. Foxconn and Metro will establish a joint venture to introduce Media Markt, a Metro unit operating 546 large format stores in 16 countries, into China. It is planned that in 2010 the first Media Markt store will be opened in Shanghai, where the Metro-Foxconn venture will also be headquartered.