Why Foxconn Trying to sell $8.8 billion China plant?
By MYBRANDBOOK
Foxconn, the global leader in electronics manufacturing now eyes sale of $8.8 billion panel factory in China plant amid trade war woes as demand for the product wanes amid an intensifying U.S.-China trade war, as per the Reuters.
Foxconn is in talks to appoint banks to find a buyer for its liquid crystal display factory that is being built in the southern Chinese city of Guangzhou.It would mark one of its largest divestments from China.Foxconn's discussions are at an initial stage and it has not yet come up with a price tag for the so-called Gen-10.5 facility specialising in large-screen LCDs, the sources said, adding a sale was not a surety.
Foxconn, in a written statement to Reuters, said: "As a matter of company policy, Foxconn does not respond to market rumours or speculation." The sources requested anonymity because the deliberations are confidential.
U.S. President Donald Trump vowed to impose a 10% tariff on $300 billion of Chinese imports from Sept. 1. Trump also threatened to raise tariffs further if China's President Xi Jinping fails to move more quickly to strike a trade deal.Trump later said, if trade negotiations fail to progress he could raise tariffs further - even beyond the 25 percent levy he has already imposed on $250 billion of imports from China.
The trade war has disrupted technology global supply chains in a major way, forcing Foxconn to review its own. That and slowing demand for large-screen televisions and monitors had prompted Foxconn's management to seek a buyer for the LCD plant.
The Nikkei daily reported earlier this year that the company would delay most of its planned production in Guangzhou for a minimum of six months, but Foxconn said the project was on schedule.The said project, was mainly run by a joint venture between the Guangzhou government and Japan's Sakai Display Products, an advanced panel factory owned by Foxconn founder Terry Gou and Japan's Sharp Corp, Foxconn's display unit.
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