CHONGQING, CHINA -- HP today signed a deal to build a high-volume printer manufacturing facility here in concert with contract printed circuit board manufacturer Foxconn.

The new plant will have a capacity of 60 million ink-jet and laser printers per year, worth an estimated $25 billion, according to published reports.

Under terms of the deal, HP will help underwrite the costs to build the campus. The project will be led by Foxconn, the world's largest EMS company, and will take up to three years to complete.

HP has a desktop and notebook PC manufacturing plants in Chongqing, and also is expanding in Shanghai.