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Foxconn Plans Investment in U.S. Machine Tool Manufacturing

Nov. 21 (Bloomberg) -- Foxconn Technology Group Chairman Terry Gou will sign a memorandum of understanding with Pennsylvania officials on an intention to invest in the state, according to a statement from the Taipei Economic and Cultural Representative Office in Washington.

Foxconn’s Hon Hai Precision will invest in machine tool automation and research and development of robotics, Taipei-based Central News Agency reported citing people familiar with the matter.

Gou is part of a Taiwan business delegation visiting the U.S. An announcement is scheduled for 5:30 p.m. local time in Washington. It “could be very significant,” Frank Yee Wang, a spokesman for the Taipei Economic and Cultural Representative Office in the U.S., said by phone. He declined to provide further details.

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To contact the reporter on this story: Brian Wingfield in Washington at bwingfield3@bloomberg.net

To contact the editor responsible for this story: Jon Morgan at jmorgan97@bloomberg.net

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