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Foxconn is preparing to sell Guangzhou display panel factory

Foxconn is preparing to sell Guangzhou display panel factory

According to a report from a source quoted by Reuters, Foxconn is studying the sale of a liquid crystal display panel factory in Guangzhou, China. Two people familiar with the matter said that Foxconn is in contact with the investment bank regarding the sale of the panel factory under construction; the discussion is still in its infancy and no price has been agreed. Foxconn said it would not comment on market rumors or speculation.
According to people familiar with the matter, Foxconn is preparing to sell its $8.8 billion display panel factory in mainland China.
Because in the current international situation, the demand for this product has weakened.
Two people familiar with the matter said that Foxconn, officially known as Hon Hai Precision Industry, is negotiating with banks to prepare for the search for a liquid crystal display (LCD) factory in Guangzhou, a city in southern China.
Foxconn has a large investment in China and has a large number of US customers including Apple.
According to sources, Foxconn’s negotiations to sell the Guangzhou panel factory are still in the initial stage. At present, for the so-called Gen-10.5 factory, which specializes in producing large-screen LCDs, it has not yet proposed a sales price. Moreover, the sale of the panel factory is not a matter of ironclad.
"This is not an easy task and may take some time," one source said, adding that the global demand for large-screen LCDs is not warm.
Foxconn said in a written statement: "According to company policy, Foxconn will not respond to market rumors or speculation."