Staff report

A major announcement from Taiwan electronics giant Foxconn is anticipated today, the Reuters news service reported.

Hon Hai Precision Industry, known as Foxconn in the United States, said it will suspend trading pending the news.

Per Reuters, companies in the island nation temporarily stop trading prior to announcements that could affect stock prices. Such information may include investments and asset sales, along with mergers or partnerships.

The company operates in Lordstown under the Foxconn Ohio banner. It obtained the former GM auto assembly plant in May 2022 for $230 million from Lordstown Motors Corp.

According to its website, the facility employs more than 400 workers.

In April, a Taiwan-based English-language news service reported Foxconn would be investing $26 million in its Lordstown facility. Foxconn has not officially announced the investment.

Lordstown Motors and Fisker Group Inc., both electric vehicle makers, partnered with Foxconn to produce their vehicles at the Lordstown plant. Each company later entered bankruptcy proceedings.