HP to supply Russians from St. Petersburg hub

Bloomberg

Hewlett-Packard Co. and Foxconn International Holdings started building a $50-million (U.S.) factory near St. Petersburg that will be able to produce half a million personal computers a year for the Russian market. HP expects to ship 40,000 desktop computers a month at the factory when it's completed within a year, the company said yesterday. Foxconn is a unit of Taipei-based Hon Hai Precision Industry Co., the world's largest contract electronics maker. St. Petersburg, on the Baltic Sea, is offering tax breaks and other incentives to lure foreign manufacturers to its new Kolpino industrial zone, Governor Valentina Matviyenko said. HPQ (NYSE) rose 56 cents to $47.29. 2317 (Taipei) rose 1 Taiwan dollar to 182 Taiwan dollars ($5.93).