The production halt follows a move by Flex in July to pare down production capacity at a facility in Changsha, which mainly assembles Huawei products, due to "significant geopolitical under certainty." Media reports have linked Flex's actions to the telecom company's inclusion in the US "blacklist," while another tied it to the companies' patchy relationship due to a dispute on production material.
According to several Flex employees, the facility in the Zhuhai complex where Huawei's products were assembled is currently idle. The source said more than 10,000 jobs in Zhuhai and Changsa were cut, with Flex offering other jobs or severance to affected employees.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 10.32, Change: -0.42, Percent Change: -3.91
|Insider Trends: CBOE Global Markets Insider Exercise...|
|Insider Trends: Travelers Insider Receives Shares Aw...|
|Insider Trends: CBOE Global Markets Insider Converts...|
|Insider Trends: KLA Insider Disposition Easing 90-Da...|
|Insider Trends: Evercore Sees 90 Days of Insider Buy...|