Foxconn promises to build a $10 billion LDC display plant in Wisconsin

Foxconn has a dodgy record, if it were to stick to its rhetoric this time, its $10 billion investment would mark the biggest in Wisconsin’s history.

Foxconn, also formally known as Hon Hai Precision Industry Co Ltd, has announced its plan on building a $10 billion LCD display panel screen plant in Wisconsin.

The company plans on investing the amount in a span of 4 years to build a 20-million square foot plant that is likely to employ 13,000 people.

U.S. President Donald Trump has taken credit for the decision.

“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 stated his state will provide Foxconn $3 billion in incentives and will sign a MOU with the company on Thursday.

In a statement Foxconn stated, the investment “signifies the start of a series of investments by Foxconn in American manufacturing in the coming years.”

Foxconn however has a mixed record of following up on its promises, especially its job creation promises for the United States.

Case in point: in 2013, Foxconn had stated it would invest $30 million and hire 500 workers for a new factory in Pennsylvania. That facility has not been completed.

Officials from the state of Wisconsin said tax incentives will be provided to Foxconn for over 20 years if Foxconn were to meet their hiring targets.

According to Walker, Foxconn’s plant will be the largest economic development project in the state’s history.

He went on to add, Foxconn is considering several sites in southeast Wisconsin and will shortly announce its final decision.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

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