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Foxconn to fire 10% of its Hungarian workers

Foxconn International Holdings Ltd. will fire 300 people at its Hungarian unit, or a 10% of its local workforce, the website Privátbankár reported, citing a company executive.

Foxconn, which supplies mobile phone parts to a nearby Hungarian plant of Nokia Oyj, is cutting jobs to increase competitiveness by reducing labor costs, said József Katona, head of the Hungarian unit. Foxconn is firing 150 engineers, 100 physical workers and 50 office workers, Privátbankár said.

Foxconn, the Hong Kong-listed unit of Taiwan's biggest electronics maker Hon Hai Precision Industry Co., is also cutting staff at factories in Finland to consolidate local production, which includes sites in Brazil, India and China, to lower costs.