Hon Hai Precision Industry plans to invest USD25 million to set up a new panel plant in Huangjiang Yuyuan Industry Park, Dongguan, Guangdong, to expand its panel business.

According to reports in Taiwanese local media, upon its completion, this new panel plant will reportedly produce and sell products related to TFT-LCD and it is expected to put into production in March or April 2011.

Prior to the investment in Guangdong, Hon Hai has distributed its panel business in Chinese mainland cities like Chengdu, Chongqing, Nanning, and Nanjing, and its total investments have been over USD144 million.

Hon Hai has already set a clear goal for its panel business. According to Terry Guo, chairman of Hon Hai, the company aims to become the world's second largest panel manufacturer in three years.