Wisconsin residents say they are happy to hear Wednesday announcement by President Donald Trump that Electronics giant Foxconn will build a $10 billion factory in Wisconsin that's expected to create 3,000 jobs. He also claimed the plant will be the largest economic development project in the state's history.
The investment, the official said, represents "a milestone in bringing back advanced manufacturing, specifically in the electronics sector, to the United States". "If I didn't get elected, he definitely would not have spent $10 billion". The announcement is a major one for both the state and Foxconn, the later of which will benefit with up to $3 billion in subsidies paid by the state's taxpayers. "This right here shows actual results", said Speaker Ryan.
For one thing, the investment may spare some of Foxconn's tech customers, like Apple and Google, additional political headaches at a time when Trump continues to slam US companies for making many of their products outside the country.
Eventually, Foxconn is planning to name multiple investments in multiple locations, likely in two or more states, three officials close to the negotiations confirmed to Crain's.
Foxconn is based in Taiwan.
Foxconn first established operations in the United States in 1988 and has facilities and offices in Alabama, California, Indiana, Massachusetts, Michigan, North Carolina, Pennsylvania, Texas and Virginia. White House host president Trump was obviously also present, commenting that the project was made possible by his election. He explained that the company's initial investment would create 3,000 jobs until a larger facility could be constructed.
Foxconn, formally known as Hon Hai Precision Industry Company, will likely expect a lucrative package of incentives from the state if it locates the plant here.
Tai Jeng-wu, the chief executive of Foxconn's Japanese unit Sharp Corp, said in June that six U.S. states were being evaluated for a possible location for a plant to make displays. He said a lot of other states wanted Foxconn and put more money on the table, but Wisconsin's bid still won out.