TAIPEI -- Foxconn chairman Terry Gou strongly denied rumors that the world's largest contract electronics assembler plans to lay off tens of thousands of workers.

In response to several media reports that the EMS company plans massive staffing cuts, Gou denied the company would do more than "rebalance" its workforce. Some reports held the printed circuit board company would lay off as much as 30% of its 1-million person workforce.

Gou did commit to billions of dollars in investment in Guangdong for high-tech displays and precision mechanical and materials science, Reuters reported today.

Gou is on record earlier this year of saying Foxconn wants to invest in more automation, including robotic operations.

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