Report: Foxconn plans deep cuts in expenses as competition looms

Foxconn Technology Group, which currently is building its massive U.S. assembly plant in Racine County, aims to cut the equivalent of $2.9 billion from expenses in 2019 as it faces “a very difficult and competitive year,” according to an internal company memo obtained by Bloomberg News.

The Wednesday morning report follows revenue forecasts from at least four Apple suppliers citing reduced demand, according to WISN-TV Apple is Foxconn’s largest customer.

To compensate the projected shortfall, Foxconn intends to perform an internal audit of managers with an annual compensation of more than $150,000, Bloomberg reported.

It wasn’t immediately clear what impact, if any, the proposed cuts might have on the Wisconsin project.

For more go to WKOW: https://wkow.com/news/top-stories/2018/11/21/report-foxconn-plans-deep-cuts-in-expenses-as-competition-looms/

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