UPDATE 1-Foxconn to spend billions on new China plant – sources

* Could invest as much as $10 bln, but no timeframe -source

* LCD plant to be upgraded to use 8.5G technology -source

* Plant will initially employ 20,000 people – source

(Adds details)

BEIJING/HONG KONG, Oct 15 (BestGrowthStock) – Taiwan’s Foxconn
Technology Group, whose units include Hon Hai (2317.TW: ) and
Foxconn International (2038.HK: ), will build a new plant in the
Chinese city of Chengdu, company and government sources said on
Friday.

A key supplier to top technology brands such as
Hewlett-Packard (HPQ.N: ) and Apple (AAPL.O: ), Foxconn could invest
as much as $10 billion in the plant, said one source, but did
not specify an investment timeframe.

The sources declined to be identified because the details
had not yet been made public.

Foxconn spokesman Edmund Ding was not immediately available
for comment.

The factory will initially employ at least 20,000 workers,
with half of those already having received training in Foxconn’s
existing hub in the southern city of Shenzhen, the source added.

Foxconn’s LCD panel arm Chimei Innolux (3481.TW: ) already
owns a plant in the city and is awaiting approval from the
government to build a more advanced plant based on
8.5-generation technology that will enable it to make larger
panels, a second source said.

Foxconn Chairman Terry Gou is likely to announce the plans
when he visits Chengdu next week, the first source said.

Foxconn is expanding away from Shenzhen, which is in the
Pearl River Delta area, to where wages are lower and workers
more plentiful.

Most top technology brands typically do their own design
work but outsource labour-intensive manufacturing to the likes
of Hon Hai and Singapore-based Flextronics (FLEX.O: ).
(Reporting by Zhou Xin in Beijing and Kelvin Soh in Hong Kong;
Editing by David Holmes)

UPDATE 1-Foxconn to spend billions on new China plant – sources