Foxconn to invest $500mln in new industrial park in Brazil September 19, 2012 - 14:47 AMT PanARMENIAN.Net - Foxconn is famed for producing high-tech goods, including the Apple iPhone and iPad, from its factories in China but the Taiwanese company is poised to expand in Brazil, where it is ready to close a $500 million deal to grow its manufacturing capabilities, The Next Web reports. According to TNW, parent company Hon Hai told Brazil-based news agency Estadao that an agreement to open a new industrial park will be announced Sept 20. The new facility will produce parts for smartphones, tablets and devices, and it is expected to create 10,000 new jobs in the country. The site will be located in Itu, an emerging manufacturing hub that lies 100 kilometers outside of the capital city. The city is also the location for a new $30 million Lenovo plant, which is due to be completed by the end of the year. Foxconn will build up to five new factories there; construction is tipped to begin in 2014 on a schedule that will see the facilities up and running two years later. With its new addition, Foxconn’s Brazilian business will have a factory that is involved in every part of the Apple manufacturing chain, bar producing TFT (thin film transistor) LCD displays. Almeida told media that he is aware of that gap, but there are no immediate plans to pursue the possibility of a local TFT factory. Foxconn has been much maligned for the tough working conditions endured by its workforce, which tops 1 million worldwide. While the majority of the attention has focused on China - which was the subject of an uncover report this month - Brazil has endured its share of issues. The company’s 2,500 workers at its Jundiai (Sao Paulo) factory were reportedly close to going on strike in April, while bureaucratic issues have dodged further investment plans. Tax reasons were thought to have scuppered Foxconn’s plans for Brazil, but any problems that had threatened further investment now appear to have been ironed out. The investment will be made official tomorrow when Henry Cheng, who heads up Foxconn in Brazil, attends a signing event with Investe Sao Paulo president Luciano Almeida and State Governor Alckmin. Foxconn has been linked with plans to develop a presence in Indonesia, with a project that local authorities hope could be worth $1 billion. Partner news  Top stories The validity period of BIT service is 30 days; the service cost is AMD 2500, with the maximum Internet speed of 384 kbps. The next generation iPad will keep its 2048 x 1536 Retina display by using a thinner 0.2mm piece of glass. Apple uses two conventional offshore tax practices typical of multinational companies' tax-avoidance strategies, the report said. Apple joined the Fair Labor Association in 2012 after being slammed with criticism over the working conditions at Foxconn.   Partner news |  Latest news Russian expert rules out Karabakh war renewal by Armenia  Alexander Krylov: the possibility of the renewal of Karabakh war should not be exaggerated in the face of the balance of power.German scientists ready to include Armenian petroglyphs in UNESCO list The scientists conducted a survey of ancient rock art, with a database of Armenian petroglyphs to be later developed.OSCE Minsk Group Co-Chairs won’t visit Artsakh French Co-Chair of the OSCE Minsk Group Jacques Faure said the co-chairs are not planning a visit to Nagorno Karabakh.Baku says OSCE Minsk Group activity yielded “certain results” Bahar Muradova says the report of the political committee of the OSCE PA summer session comprises provisions on the conflict. |
