TAIPEI – The head of Foxconn Technologies today announced layoffs of up to 5% of its worldwide workforce, citing the economic environment.

Hon Hai chairman Terry Guo said the world's largest ODM/EMS firm will cut 3 to 5% of its staff, which according to Hon Hai's website is more than 400,000, but which other sources have pegged at more than 450,000 in China alone. It is unclear whether recently announced cuts of up to 1,500 employees in Hungary are included in Guo's latest announcement.

"The worst has not come yet," Gou reportedly said.

The news comes a month after Hon Hai spokesman Edmund Ding denied public reports the EMS firm was gearing up for mass layoffs.