TAIPEI -- Foxconn will invest a reported $1 billion in a new production facility in Chengdu, China, the company said.

The company will sign the deal in a ceremony today in Chengdu, Sichuan province, said vice president for corporate finance Edmund Ding, according to published reports.

Flextronics, Foxconn's top rival, also announced plans to build a new mega-site in southern China today.

Reuters reported two sources with direct knowledge of the plans pegged Foxconn's investment as at least $1 billion. Analysts contacted by Reuters said the price tag suggests the campus will produce alternative energy products, not just electronics.

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