Foxconn International Holdings (FIH), the Hong Kong-listed handset subsidiary of Foxconn Electronics (Hon Hai Precision Industry), plans to cut its capex (capital expenditure) 27.5% from US$690 million in 2008 to US$500 million in 2009, the Chinese-language Commercial Times quoted company chairman Samuel Chin as indicating.
As market conditions will remain challenging in 2009, FIH will further reduce its workforce by 20% this year while moving part of its production lines to low-cost areas in Asia from the original locations where the production costs are higher, the paper quoted Chin as saying.
The company currently also has no plans to delist its shares from the Hong Kong Stock Exchange and make a debut on the Taiwan Stock Exchange (TSE), Chin said, citing FIH's current low share price.
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