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Foxconn may team with Apple to build $7 billion manufacturing facility in U.S.

By Mike Murphy

Published: Jan 23, 2017 4:18 a.m. ET

Source: Market Watch

   

Foxconn Technology Group is considering building a display-panel manufacturing facility in the United States in a joint venture with Apple Inc. that could create up to 50,000 jobs, the company’s chairman said Sunday.

Terry Gou, Taiwan-based Foxconn’s chairman and CEO, said the facility could cost $7 billion and create between 30,000 and 50,000 new jobs, according to a report by the Nikkei Asian Review, and could include the production of TV screens in addition to smartphone displays.
Gou noted that the U.S. has no TV-display factories, even though it is the world’s second-largest TV market. “Apple is willing to invest in the facility together because they need the (panels) as well,” Gou told Nikkei.
Foxconn 2354, +0.80%   is the world’s biggest contract maker of electronics, and makes most of Apple’s AAPL, +0.01%   iPhones at its Chinese factories.

Gou said the company, also known as Hon Hai Precision Industry Co.* ,  had been considering building a new U.S. facility for years but the issue was recently revisited during a conversation between Gou and Softbank Group Co. 9984, +0.23%   founder and CEO Masayoshi Son.
In December, Son met with then-President-elect Donald Trump and pledged to invest $50 billion in the U.S. The day after that meeting, Foxconn said it was planning to expand its U.S. operations, but offered no details.

Nikkei also reported Sunday that Foxconn is planning to open a new molding plant in Pennsylvania, where it already operates a facility.
In a separate report, Nikkei said Foxconn-controlled Smart Technologies may move its interactive-display production from Canada to the U.S. if President Trump succeeds in his goal of renegotiating the North American Free Trade Agreement.

*Hon Hai Precision Industry Co., Ltd., trading as Foxconn Technology Group, is a Taiwanese multinational electronics contract manufacturing company headquartered in New Taipei City, Taiwan

Number of employees: 1,300,000

Revenue: 132.5 billion USD (2014)