tiptrot.com July 17, 2018

A large Foxconn manufacturing plan to be built in Wisconsin, confirms company

31 July 2017, 12:26 | Cedric Leonard

Terry Gou Chairman of Taiwan’s Foxconn also known as Hon Hai listens during a press conference in New Taipei City on June 22

Terry Gou Chairman of Taiwan’s Foxconn also known as Hon Hai listens during a press conference in New Taipei City on June 22

Friday's stop was part of a four-city swing pitching the Foxconn deal.

The funding is contingent on also receiving federal money for the project.

Foxconn Technology Group, which helped turn China into the center of electronics manufacturing, said it would build a $10 billion plant in Wisconsin to make display panels used in televisions and other products. Apple spent $75 billion with Foxconn in 2016. "But it is tied to the investment-half of it is for the jobs". Does it matter? Does it matter if they bring 3,000 jobs to Wisconsin or 13,000 jobs to Wisconsin?

Tangen said the benefits to the company would be substantial. If the state legislature approves, half of this amount is meant for capital costs while the other half for workforce development and there would be some sales tax exemptions too, he said. He said all of southeastern Wisconsin would likely reap some benefit with the arrival of cellphone maker Foxconn.

"There are clawbacks in here, there are all sorts of protections for the taxpayers". "You want to be in this corridor". "But in the end, I am so optimistic about this". "And, we know that supply chain is not just limited to the county, or proximity of where it's at, they're going to working with folks from across the state". In exchange, the state is providing the company with $3 billion in financial incentives, making it Wisconsin's largest state subsidy ever. "It would be similar to our enterprise zone tax credits".

Walker's comments follow criticisms from some Wisconsin lawmakers and economic development professionals who expressed doubts about the state's $3 billion commitment to Foxconn.

AMERICAN EXPANSION: A new US plant will bring Foxconn closer to its biggest market.

It's worth noting that in 2013, Pennsylvania Gov. Tom Corbett announced that Foxconn planned to invest $30 million in a "high-end technology manufacturing facility" with 500 jobs. Dave Hansen, D-Green Bay. It would mark a substantial gain for a state that now has 472,000 manufacturing jobs and is still recovering from factory layoffs - including the closure of a General Motors plant in Ryan's hometown - that hit after the 2008 financial crisis.

Much like the competition between states for the new Foxconn facility, though, Blank acknowledged UW-Madison will have to convince company officials that it deserves those research partnerships over other institutions.

"It starts today with this investment in Wisconsin", Gou says. The project will create 13,000 new jobs and should be completed by 2020, according to Wisconsin Gov. Scott Walker.

Walker says there will be a special legislative session to work out an incentives package in August. The details of the incentive package would be announced in the coming days, he said. "Nothing even comes close", Knapp told Bloomberg BNA. The fine print on this will not look as good as the big announcement, but still it's, of course, a big deal, without question.

The Taiwanese electronics manufacturer is a major supplier to Applec Inc.

Other News


Trending Now

Parents Give Newborn Daughter Drugs To Hide Her Heroin Addiction
He grabbed the auto seat and made a run for it again, but once again, dropped the baby when he ran into a pillar. Suboxone is a prescription pain medication used for pain management and for addiction treatment.

Which one is Kylie Jenner, and which one is her wax figure?
A waxwork figure of Beyoncé has been amusing fans because it looks nothing like the award-winning singer. Apparently, this sad excuse for a wax figure isn't an isolated incident.

Yeah, There's a Flying DeLorean in the 'Ready Player One' Trailer
When eccentric billionaire who created the OASIS dies, he offers up his vast fortune as the prize in an elaborate treasure hunt. The newest film from iconic director Steven Spielberg is shaping up to be one of his most magical projects to date.

Woman Claims Usher Exposed Her To STD In $10 Million Lawsuit
During their initial alleged encounter, the woman performed oral sex on the 38-year-singer, and engaged in sexual intercourse. The plaintiff was later diagnosed with herpes , complete with vaginal sores, fevers and chills, she alleged in papers.

Greece returns to debt markets after three-year hiatus
Greece is about to launch itself back on private borrowing markets, selling a five-year bond to replace existing debt. This gave Athens the chance to test without major financial risks its credibility in the markets.

BBC's Salary Report Exposes Large Gender Pay Gap
BBC director general Tony Hall admitted this pay gap is not good enough and said the organisation must get better. It will make it enormously hard for them to remain competitive and could mean they cannot retain talent.

Israel and Jordan reach agreement after Al-Aqsa mosque crisis
King Abdullah on Thursday also paid tribute to the families of the two Jordanians and stressed on Jordan's respect of global laws. Jordan said initially that the guard could leave only after an investigation, while Israel said he enjoyed diplomatic immunity.

Carolina Panthers release offensive tackle Michael Oher
The Panthers appeared set to move on with Daryl Williams and rookie Taylor Moton at right tackle after a June minicamp. It's the first personnel move under Panthers new interim general manager Marty Hurney , who was hired on Wednesday.

Audi advert slammed in China for 'chauvinist' comparison of women to cars
An Audi spokesman told the South China Morning Post marketing in China was the responsibility of its local joint venture partner. It's good to see that an ad can still cause an global stir and this modest effort from Audi in China certainly has.

Government brings forward rise in state pension age
Under current legislation, from December 2018, the state pension age for men and women will increase to 66. In 2017, a 65-year-old can now expect to live for another 22.8 years, or 33.6 per cent of their adult life.