President Trump and Foxconn reveal plan to open LCD factory in Wisconsin

Ashley Carr
July 29, 2017

As long as Foxconn - an electronics titan that makes gadgets for Apple, Google and Amazon, among other firms - keeps hiring USA workers at the new flat-screen manufacturing facility, Wisconsin would cut the company $200 million to $250 million a year for up to 15 years.

Barca, like many Democrats, voiced concern about how much taxpayers may have to contribute in tax breaks and other incentives. Though this is a major development, the company has mixed history in following up with promises on large scale job creation.

The state will need to legally approve the package, and Walker expects legislation to be drafted in the coming days.

The same week that Apple (AAPL) has kept mum about reports that it will build three plants in the US, one of its largest suppliers, Foxconn (FXCOF), announced plans for a new multi-billion dollar factory in Wisconsin. Foxconn promised in 2013, for example, to invest $30 million and hire 500 workers for a new, high-tech factory in Pennsylvania that was never built.

For every ten jobs created at a massive electronics manufacturing campus planned to be built by Taiwanese tech giant Foxconn in southeastern Wisconsin, 17 more jobs will be created elsewhere in the state, an analysis shows.

"In July we will make a conclusion", Gou told reporters, foreshadowing his East Room announcement with Trump and Walker on Wednesday announcing that Wisconsin had won the facility, which is expected to generate 13,000 new jobs. "Foxconn will invest in Southeast Wisconsin, while a larger facility is constructed over the coming years, and that facility is now under will be about the biggest there is anywhere", Trump said. He has made several announcements since his election in November about US investments by both foreign and domestic manufacturers, building on his campaign focus on boosting American jobs.

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According to reports, it was hinted that President Trump was roping in the China based manufacturing and assembling company to open plants in the United States. Some of those announcements sought to take credit for previously announced investments.

These payouts, state officials said, come with lofty expectations. "The bottom line is this company has a concerning track record of big announcements with little follow-through". We only know the location will either be in Racine or Kenosha County.

"You can not set up a state of the art LCD production facility for less", he said.

Overall only 8 per cent of USA workers are employed in manufacturing, down from 22 per cent in 1970 due to the impact of technological change and the growth of global supply chains. An Apple spokesman did not respond to a request for comment.

Terry Gou shakes hands with Donald Trump during a White House event in Washington on Wednesday.

Other reports by My Hot News

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