AP News

Foxconn signing $500M Brazil investment agreement

BRASILIA, Brazil (AP) — Taiwan's Foxconn Technologies Group will sign a memorandum of understanding with Brazil's Sao Paulo state government to invest $500 million for new factories in Latin America's biggest nation.

That's according to a Wednesday statement from Investe SP, a government-run investment promotion company. It says 10,000 jobs will be created at the factories, which will produce circuit boards, cameras and touch-sensitive screens.

Foxconn referred all questions to Investe SP, but did confirm it will sign the investment agreement on Thursday.

Foxconn makes Apple's iPads and employs more than 1 million people.

In Brazil, Foxconn already employs about 8,000 people at seven facilities spread around Brazil.

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