Apple supplier Foxconn says it will build big Wisconsin factory
Taiwanese manufacturer makes electronics for Apple and other tech companies.
The firm will invest $10 billion in Wisconsin to build a new manufacturing plant that produces LCD panels. The project will create 13,000 new jobs and should be completed by 2020, according to Wisconsin Gov. Scott Walker.
Foxconn's estimate on jobs was more conservative. In a statement, the company said the project will create 3,000 jobs with the "potential" to generate up to 13,000 new jobs.
Foxconn announced the investment from the White House. CEO Terry Gou was flanked by Walker, Vice President Mike Pence and House Speaker Paul Ryan. President Trump later joined them.
Walker and Ryan thanked Trump for his work on the deal.
"One thing we know about this president is how committed he is to reviving American manufacturing and bringing jobs home. This right here shows actual results," said Ryan, a Republican who represents Wisconsin.
Trump called Gou "one of the great businessmen anywhere in the world."
Shortly after President Trump's inauguration, Gou began teasing plans to invest more than $7 billion in a plant for producing displays, with the potential to create as many as 50,000 jobs.
However, Gou has been talking about shifting some manufacturing to the United States for several years, with little to show for it so far. In 2013, for example, Foxconn announced plans to build a $30 million plant in Pennsylvania. It has yet to be built.
Foxconn got some generous tax incentives for its Wisconsin venture. The state's deal for the new plant, which requires legislative approval, includes incentives totaling as much as $3 billion, Walker said. The details of the incentive package would be announced in the coming days, he said.
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Source: CNN.com
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