Foxconn invests $1.1B for world’s largest smartphone production plant

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Foxconn plans to invest $1.1 billion in its Henan, China smartphone manufacturing plant in order to build the world’s largest smartphone production facility, reports China Daily. The company is the world’s largest electronic component contractor and is Apple’s principal parts supplier.

The money will go towards expanding the Foxconn Science Park plant, which opened in Zhengzhou, Henan earlier this year. The facility will grow to operate 95 production lines and is expected to bring the company $20 billion in revenue in the next year. The plant currently employs 130,000 workers and produces 200,000 iPhones everyday. Foxconn is looking to raise those numbers by adding more employees and gearing up iPhone production.

Foxconn built the Zhengzhou facility last year because of the region’s lower labor costs — employees earn a scant $1.18 an hour in Foxconn’s highest-paying factories, according to Hong Kong-based watchdog group SACOM. The company now has more than one million employees — based mostly in mainland China — who manufacture iPhones, iPads and products for other technology companies.