SAO PAULO – Foxconn plans to lay off 480 people at its site here. The factory, which produces mobile phones for Sony Mobile, is attributing the cutbacks to low demand.

The layoffs here account for 70% of onsite staff, according to published reports.

TPV, producer of TVs and monitors for AOC and Philips, is closing its nearby plant as well. As a result, 320 of 530 employees will be laid off and production will be transferred to the firm’s factory in Manaus.