Apple supplier Foxlink says working to resume production after India fire (updated)

CHENG UEI PRECISION INDUSTRY

01/03/2023 01:06

(Adds stock reaction)
       TAIPEI, March 1 (Reuters) - Taiwanese Apple Inc  AAPL.O 
supplier Foxlink  2392.TW  said on Wednesday it is working hard
to resume production following a fire at a plant in southern
India that halted operations at the maker of iPhone charging
cables.
    The factory is located in the Chittoor district of India's
Andhra Pradesh state and is unlikely to resume full operations
for two months, raising supply chain concerns for the U.S. tech
giant, Reuters reported this week.
        Foxlink was engulfed in a massive fire on Monday that
led part of the building to collapse, but there were no
casualties.
    Foxlink, in a statement to the Taiwan stock exchange, said
it is investigating the cause of the fire and "working hard to
resume production".
    In an earlier statement late on Tuesday, the company said
that the site had been blocked off by the fire department and
that four production lines were known to be damaged.
    As the plant, equipment and inventory are covered by
insurance, the fire has not yet had a significant impact on the
company's finances and business, it added.
    The company will coordinate with customers and suppliers to
"discuss solutions for the production capacity affected before
resuming work".
    It did not elaborate.
    The company's stock was down more than 2% in early morning
trade Wednesday, compared to a 0.5% fall for the broader market
 .TWII .

 (Reporting by Ben Blanchard and Yimou Lee; Editing by Shri
Navaratnam and Christopher Cushing)
 ((ben.blanchard@thomsonreuters.com;))