Manufacturer plans $10b plant
28 July, 2017, 12:00 am
TAIWANESE electronics manufacturer Foxconn yesterday announced plans to build a $10 billion LCD display panel screen plant in Wisconsin, a deal President Donald Trump asserted would not have happened without his efforts.
The company said it plans to invest $10 billion over four years to build a 20-million square foot plant that could eventually employ up to 13,000.
Mr Trump praised Foxconn chairman Terry Gou at a White House event: “If I didn’t get elected, he definitely wouldn’t be spending $10 billion … This is a great day for America.”
Wisconsin Governor Scott Walker said at the White House his State would award $3b in incentives and sign a memorandum of understanding on the investment.
He told reporters at the White House the State legislature would need to approve the $3b incentives package.
About half is for capital costs and nearly half for workforce development.
There are also some sales tax exemption incentives.
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, said in a statement the investment “signifies the start of a series of investments by Foxconn in American manufacturing in the coming years”.