JINCHENG, SHANXI, CHINA -- Foxconn Technology will invest up to 100 billion yuan ($1.57 billion) toward a new industrial manufacturing park here, local media are reporting.

Foxconn, the world's largest contract assembler of printed circuit boards and a Top 10 fabricator of bare PCBs, signed a deal with local government, which envisions turning Jincheng into one of the largest manufacturing centers in the world. The company expects to generate more than 150 billion yuan ($2.35 billion) in annual revenue from its site, the reports said.

Jincheng is located in southeast Shanxi, a province in northern China.