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Foxconn says US and China in 'war of tech'

Key iPhone assembler looks beyond Apple as handset industry slows

Hon Hai Precision Industry Chairman Terry Gou speaks during its annual shareholders meeting in Taiwan on June 22. (Photo by Ken Kobayashi)

NEW TAIPEI CITY, Taiwan -- Key iPhone assembler Hon Hai Precision Industry, also known as Foxconn Technology Group, is putting its faith in industrial internet-based solutions as the company's new long-term growth driver, and looking beyond Apple as the slowing smartphone industry slows.

"We are in the process of corporate transformation. The industrial internet-centric business will be a success," Foxconn Chairman Terry Gou told shareholders during the company's annual general meeting on Friday.

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