Foxconn Electronics (Hon Hai Precision Industry) chairman Terry Gou has said that the economic crisis is three times worse than expected and that Foxconn will have to issue more layoffs in order to reduce the company's operating costs.

The company is already scheduled to layoff 1,500 employees at its plant in Hungary and tens of thousands of employees in China. The company is also planning to lay off 10-15% of its workforce in Taiwan.

In additional news, following reports that the Foxconn group's PCB production lines in China have been in suspended operations for a period ranging from two weeks up to over four months, Foxconn has commented that it is merely transferring production to southern China for easier management.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved