December 19, 2008 / 10:06 AM / 11 years ago

Taiwan's Hon Hai group to cut 3-5 pct of global workforce

TAIPEI, Dec 19 (Reuters) - Taiwan’s Hon Hai group plans to reduce its global workforce by 3-5 percent as the economic slowdown worsens more than expected, the group’s chairman said on Friday.

“The worst has not come yet,” Terry Gou, chairman of Hon Hai (2317.TW), Taiwan’s top electronics parts maker, told reporters at a company event, referring to the global economy.

“Our group’s reduction will be globally, he said. “We eliminate the final 3 percent or 5 percent every year,” he added, without giving a specific figure.

Hon Hai, which makes some of the world’s most famous gadgets, including Apple’s (AAPL.O) iPhone, Nintendo’s 7974.OS Wii game consoles and Nokia NOK1V.HE cellphones, has employees of more than 400,000 worldwide, according to the firm’s web site.

Hon Hai Precision is the group’s flagship company and other members include Hong Kong-listed Foxconn International (2038.HK).

Ahead of Gou's comments, Hon Hai shares rose 0.7 percent, while the main TAIEX .TWII ended flat. (US$1=T$32.5) (Reporting by Baker Li, Editing by Editing by Anshuman Daga)

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