Foxconn remains committed to the Mahoning Valley after relinquishing ownership of its Lordstown automotive facility under a $375 million deal, the company announced Monday.

The Taiwanese company will remain at the plant for the long term and focus on its artificial intelligence data center development. Its agreement with Crescent Dune LLC, which Foxconn officials referred to as an existing partner, covers the sale of land and equipment.

“The transaction is designed to provide greater flexibility and operational efficiency as the company positions the site for future growth,” a Foxconn spokesman said in a news release. “Proceeds from the sale will be reinvested in the United States and is part of Foxconn investments that is expected to grow exponentially.”

One Valley business leader praised the development.

The news “marks a pivotal moment for the Mahoning Valley and positions the site for a new chapter of advanced manufacturing and economic opportunity,” said Guy Coviello, CEO and president of the Youngstown / Warren Regional Chamber.

“Foxconn has proven to be an outstanding corporate citizen, and we look forward to building a similarly strong, prosperous relationship with its new partner. Together with our public, private and educational partners, we are working to ensure the resources, infrastructure and momentum are in place for long-term success.”

Foxconn said the former GM auto assembly plant remains an important part of its presence in the United States. The sale will allow it to expand into new areas.

Last week, the electronics giant announced it had entered a partnership with TECO Electric & Machinery Co. to develop AI data centers.

“Foxconn with its partners anticipate the need to expand business segments in this

location in response to evolving market demands,” the spokesman said of the Lordstown site, known as Foxconn Ohio.

The company remains in the automotive business despite failed EV ventures at the site, most notably Lordstown Motors Corp. Plant workers manufacture next-generation farm equipment.

“The U.S. is a key automotive market, and we are committed to customers and suppliers in this market,” Foxconn said. “Foxconn will be able to rapidly ramp up automotive production to meet customer demand when required.”

The company said it will provide more information in the coming months.

“This is a defining moment for the Valley and our regional economy — and we are ready,” Coviello said.