TAIPEI -- Foxconn International Holdings has cut its planned capital expenditures 28% year-over-year, the company said.

Foxconn, the world's largest ODM/EMS firm, set a 2009 budget of about $500 million. The company spent $691 million last year.

The good news for equipment makers: Rather than spending on greenfields and buildings, the budget is earmarked for equipment and automation.