LORDSTOWN, Ohio — The site of the former General Motors plant in Lordstown now has a new owner.

On Monday, Foxconn announced that it was selling the plant to "an existing business partner," but plans to continue to occupy the facility.

According to Reuters , Foxconn stated in regulatory filings that it had struck a deal to sell the Lordstown plant and its machinery for $375 million.

In a statement and Q&A, Hon Hai Technology Group, the parent company of Foxconn, stated that the 6.2 million-square-foot plant "is an important part of the company's footprint in the United States. The decision to sell the facility is part of the company's plan to expand into new business areas."

"The transaction is designed to provide greater flexibility and operational efficiency as the company positio

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