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iPhone Maker, Foxconn Sets Sights On Latin America
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The company has acquired a piece of land in Brazil to expand its operations in the country.
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Saturday, November 17, 2012:
Renonwed assembly maker, Hon Hai's subsidiary Foxconn CMMSG Industria de Electronicos Ltd has bought a 350-acre site from Toulouse Incorporacao SPE LTDA for $12.6 million as part of its plans to expand its operation in the South American country.
Hon Hai, internationally as Foxconn, is the world's largest maker of computer components and assembles products for Apple, Sony and Nokia and the company is recognised as Apple's main assembly partner. The company has said that it plans to invest $492 million to build a new facility in Sao Paulo, Brazil to produce smartphones, tablets and other electronic devices.
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The company has been working in Brazil since 2003, and already operates four factories in Latin America's biggest economy. The biggest attraction point about Brazilian market is the tax break offered by the Brazilian government as well as proximity to fast-growing local markets, which makes the country a viable alternative to China. Foxconn had opened its first manufacturing plant in Brazil, which was said to be exclusively used for building iPads and iPhones.
The idea of setting shop in the Latin market makes sense as the prospect of having everything manufactured within the continent, undoubtedly helps to keep costs down in the long run.
Aadeetya S, EFYTIMES News Network
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