Foxconn to produce iPads in Brazil

Production of the iPad will begin locally at a plant in Jundiai, Sao Paulo state, Foxconn Chairman Terry Gou and Brazil's Science and Technology Minister Aloizio Mercadante told reporters. Foxconn's plans to produce the iPad was first announced in April. "They're maintaining the deadline they had announced, which is December. The iPhone is ready for large-scale production and for the iPad they're working with that deadline," Mercadante said. Mercadante also told reporters that Foxconn's investment in two new factories to produce touch screens is still being negotiated. "We haven't finished the process, it's moving ahead but there's no date". The new deal involves local investors, as well as financing from state-owned development bank BNDES. Foxconn expects to invest up to $12 billion in the project. "We will be still investing US$12 billion in a (few) years, maybe four years, maybe six years," Gou told reporters at separate news conference. Brazil recently granted tax breaks on specific computer components, attracting companies such as Samsung (005930.KS), Motorola (MMI.N) and Positivo Informatica (POSI3.SA). ----- Source: Reuters