Foxconn is looking for a buyer at an expensive factory in China

Foxconn is looking for a buyer at an expensive factory in China

The company performs complex maneuvers during a trade war. US-China trade war puts Foxconn in a delicate situation. Taiwanese electronics maker Foxconn is exploring the possibility of selling an as-yet-unfinished $ 8.8 billion screen factory in China in the midst of a growing US-to-US trade war China, Reuters reported.

The company is in talks with banks to find a buyer for an LCD screen currently under construction in the southern Chinese city of Guangzhou, according to two sources familiar with the matter. The attempt to sell the company comes at a shaky moment for Foxconn.

The Taiwanese giant has major investments in China and a US customer list that includes Apple and is forced into complex maneuvering in the wake of the protracted trade war between Washington and Beijing.

Foxconn’s conversations with potential buyers are still in their infancy, and the price of what’s called is unclear. Gen-10.5 specializes in large size LCD panels.

According to sources, this is not an easy sale and may take some time. Foxconn, for its part, did not respond to rumors or speculation in the market, anonymous sources from the company said in a statement to Reuters.

US President Donald Trump has steadily increased his stakes in the trade war with China and shook global financial markets, promising to impose a $ 300 billion Chinese import tariff on September 1.

Foxconn is looking for a buyer at an expensive factory in China