Foxconn purchased a video and telecom equipment production plant located in Juarez, Mexico from Cisco, according to a July 20, 2011 report by the China Times of Taiwan. The transaction is subjected to regulatory approval and slated to be finalized by October this year. Cisco announced company restructuring on July 18, 2011, and the sale of the Mexico plant is projected to be part of the company's effort to streamline operations. The 5,000 Cisco's employees currently working at the Mexico plant are projected to be transferred directly to Foxconn in the first quarter of fiscal year 2012.