“Foxconn, which runs a network of factories across the world’s No. 2 economy that make products for tech companies from Hewlett Packard to Dell, sought to pour cold water on a Financial Times report that it had imposed a hiring freeze while it slows production of Apple’s latest smartphone,” Jim and Saba report. “‘Due to an unprecedented rate of return of employees following the Chinese New Year holiday compared to years past, our company has decided to temporarily slow down our recruitment process,’ the company said in a statement. ‘This action is not related to any single customer and any speculation to the contrary is false and inaccurate.”
Jim and Saba report, “Like other Chinese contract manufacturers, Foxconn relies on a large number of migrant laborers from across the country, who journey home for the most important holiday of the year. Many do not make it back to work, but Foxconn spokesman Louis Woo said this year they saw as many as 97 percent of employees return.”
Read more in the full article here.
MacDailyNews Take: The fix is still in.
[Thanks to MacDailyNews Readers "Fred Mertz" and "Arline M." for the heads up.]
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Foxconn freezes hiring across China; unrelated to iPhone production; Apple shares decline anyway – February 20, 2013