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Foxconn Says Reviewing Investments After Reports of $5.7 Billion China Plant

Foxconn Says Reviewing Investments After Reports of $5.7 Billion China Plant

By Reuters | Updated: 24 October 2014 14:06 IST

Hon Hai Precision Industry Co Ltd said Friday it was reviewing its investment plans after media reports said the major Apple Inc supplier may invest up to $5.7 billion in a factory to make smartphone displays in China.

On Thursday, The Wall Street Journal reported that Hon Hai was in talks with the government of Zhengzhou, in Henan province, about investing as much as 35 billion yuan in a new factory that would make high-end screens for iPhone and other mobile devices.

Local media in Taiwan also carried similar reports on Friday.

In a stock market filing responding to the reports, Hon Hai said: "The company's investment plans after going through a necessary review process will be submitted to the board and will be handled in accordance with the relevant provisions."

Media officials for Hon Hai, which is also known by its trade name Foxconn, declined to comment further.

Hon Hai is the world's largest electronic contract manufacturer and assembles the majority of Apple's new iPhone 6 and the bigger-screen 6 Plus model.

This week, Apple Chief Executive Tim Cook toured Hon Hai's existing factory in Zhengzhou as part of a visit to China.

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