Tech Company To Invest $10B, Build Factory In Wisconsin

Tech Company To Invest $10B, Build Factory In Wisconsin

President Donald Trump will announce Wednesday that Foxconn Technology Group plans a new factory in Wisconsin, fulfilling the Taiwanese manufacturing giant's promise to invest in the U.S. The Jared Kushner-led White House Office of American Innovation was also thanked by Gou. The number of jobs could eventually increase to 13,000, Trump said.

Foxconn, which makes Apple's iPhone and other products at its China-based factories, won't make connected devices, at least at first. Foxconn has said publicly that it is looking at seven states for an investment of $10 billion or more to manufacture flat-panel screens and related equipment. CEO Terry Gou was flanked by Walker, Vice President Mike Pence and House Speaker Paul Ryan.

"Foxconn and chairman Gou believe that with this commitment, there will be an ability for America to not only compete but to be a globally dominant player in skilled and advanced manufacturing", the official said. This week, Trump told the Wall Street Journal that Apple CEO Tim Cook promised to build three plants in the USA in the coming years, but Cupertino has not made any announcements.

The talks with Foxconn for plant in MI, likely geared toward automotive, have advanced to discussing permitting from the state Department of Economic Quality, jobs training with local community colleges and worker transportation for a site in Romulus, sources 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. For Wisconsin's part, the governor says the state will invest $3 billion in economic incentives. Foxconn said in a release the announcement was just the first of several investments the company will be making in the U.S.

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A White House spokesman said that no new tax programs were made to accommodate Foxconn at the federal level, although existing tax programs were invoked. But Michigan may yet get a "runner-up prize", with Foxconn planning to announce more investments in other states.

Wisconsin likely offered Foxconn a major incentives package with tax relief and other benefits to secure the plant, although the details of the "sweetener" package are not public.

"We want to make sure it's a fair deal for everybody", he said.

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