China company planning $10B plant in Wisconsin
Foxconn Technology Group, which helped turn China into the center of electronics manufacturing, is setting up shop in the U.S., with plans for a $10 billion plant in Wisconsin to make display panels used in televisions and other products.
The plant, announced Wednesday at a White House ceremony, marks the first major U.S. investment for Foxconn, the world’s largest contract manufacturer of electronics and the maker of iPhones and other gadgets for Apple Inc. The factory is the first in a series of U.S. investments planned by Foxconn, which also owns Sharp Corp., a senior White House official said.
Company chairman Terry Gou is betting the U.S. can rebuild an electronics supply chain that largely shifted to China and other lower-cost Asian countries in recent decades.
The factory will employ 3,000 people initially and as many as 13,000 people eventually. The plant also could draw as many as 150 supporting suppliers to southeastern Wisconsin and surrounding states, according to Wisconsin Gov. Scott Walker. The state is providing Foxconn with a $3 billion, 15-year incentive package of tax credits, Walker said.
A senior White House official said Foxconn’s decision reflects the benefits of President Donald Trump’s policies, including “buy America principles” and a “commitment to pass major tax reform and infrastructure spending.” Trump carried Wisconsin in last year’s election with a campaign in which he promised to bring manufacturing jobs to the U.S.
The president, who routinely invites CEOs to meet with him at the White House to showcase his emphasis on jobs, has singled out companies for criticism for building plants outside the country. Yet many major corporations have plowed ahead with plans to move factories to Mexico, underscoring the scale of the economic forces that confront Trump’s plans.
The announcement confirms plans reported Monday
President Donald Trump, foreground, welcomes Foxconn CEO Terry Gou.