Taiwan’s Foxconn ratifies US$10b deal with Wisconsin for LCD factory
Foxconn Technology Group, the world’s largest contract manufacturer of consumer electronics, has formally ratified a US$10 billion investment deal with Wisconsin that could bring up to 13,000 jobs to the US state.
The project, first announced in July during a ceremony at the White House with US President Donald Trump, will involve construction of a liquid crystal display (LCD) panel manufacturing plant in Racine County, Wisconsin.
In Wisconsin on Friday, state governor Scott Walker and Terry Gou, founder of the Taiwanese company, signed a contract that locks the state into providing US$3 billion in tax incentives if Foxconn invests up to US$10 billion in the facility and fulfills a promise to hire 13,000 workers in the state.
Gou said he would personally pay up to US$500 million towards the project if Foxconn does not fulfil its side of the deal.
Foxconn said the project would create many thousands more jobs as part of the Wisconsin-based logistics supply chain to support the factory. It is the largest state tax incentive package offered to a foreign company in the US.
