TAIPEI - Taiwan's Foxconn on Wednesday announced a joint venture with Yageo Corp to make small integrated circuit (IC) products in a move into the semiconductor industry, which is hit by a shortage that has rattled the global automotive and electronics sectors.

The two companies will set up a new firm in Taiwan called XSemi Corporation to "extend the businesses into the semiconductor industry, including product development and sales," Foxconn said in a statement.

  - Reuters