Foxconn to invest $138 million for new business headquarters in China

The logo of Foxconn is seen outside a company's building in Taipei

BEIJING (Reuters) -Taiwan's Foxconn, the world's largest contract electronics maker and Apple's biggest iPhone assembler, said on Wednesday it plans to invest 1 billion yuan ($137.5 million) to construct a new business headquarters in Zhengzhou, China.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, signed a contract with the Henan provincial government for the proposed project, which will have a construction area of about 700 acres (283 hectares), the company said.

Foxconn is benefiting from strong demand for servers for artificial intelligence applications, with its customers also including AI chip darling Nvidia.

The Taiwanese company this month posted better-than-expected quarterly revenue on AI server demand, and forecast continued growth in the current quarter.

By Reuters.

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