🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Foxconn unit sees limited impact from suspended China plant

Published 04/24/2022, 07:48 PM
Updated 04/24/2022, 11:01 PM
© Reuters. FILE PHOTO: A poster with a logo of Foxconn is seen at the IEEE Global Communications Conference in Taipei. Taiwan, December 9, 2020. REUTERS/Ann Wang
AAPL
-

TAIPEI (Reuters) -Operations at a unit of Taiwan-based Apple Inc (NASDAQ:AAPL) supplier Foxconn in China's Kunshan city remain suspended because of COVID-19 controls but there is limited impact as it has shifted production elsewhere, it said on Monday.

The operations in Kunshan of Foxconn Interconnect Technology, which makes data transmission equipment and connectors, will remain closed until the authorities give permission to restart, it said.

"As production has previously been deployed to backup factories, the factory's main products are located in overseas shipping warehouse and inventory levels are still sufficient, the impact on the company's business is limited," Foxconn said in a statement.

A source familiar with the situation said the plant is not a major supplier for Apple products and the company was able to shift production to other facilities.

"We do not see an impact on iPhones," the person said.

© Reuters. Visitors are seen at a Foxconn booth at the World Intelligence Congress in Tianjin, China May 19, 2018.  REUTERS/Stringer

China has put Shanghai under a tight lockdown since late March and neighbouring Kunshan has also tightened curbs to control the country's biggest COVID-19 outbreak since the coronavirus was discovered in late 2019 in the city of Wuhan.

That had caused dozens of Taiwanese firms, many making parts for the semiconductor and electronics industries, to suspend operations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.