© Wisconsin Governor Scott Walker via Instagram Electronics Production | June 29, 2018
Foxconn breaks ground on USD 10bn Wisconsin investment
EMS-giant Foxconn Electronics has held a groundbreaking ceremony for its new LCD panel plant in Wisconsin. Vowed to invest around USD 10 billion, the company is also looking at tax breaks and other possible incentives of up to USD 4 billion.
“This is a historic moment for our entire state and our country,” Wisconsin's Governor Scott Walker states in a press release. “Wisconsin won Foxconn and the first LCD manufacturing facility in North America thanks to our outstanding workforce and strong manufacturing legacy. With Foxconn’s plans to create 13,000 direct good-paying, family-supporting jobs, and our record low unemployment rate of 2.8 percent, it makes it all the more important to attract more workers to Wisconsin.” Foxconn plans to create up to 13'000 jobs at the Mount Pleasant facility. The state is supporting Foxconn’s investment in Wisconsin by providing the company with up to USD 2.85 billion in state income tax credits over the next 15 years. All tax credits are 'pay-as-you-grow', the press release continues. Once the facility is fully operational, Foxconn is expected to make USD 4.26 billion in supplier purchases annually. The governor hopes that roughly one-third will be sourced from Wisconsin. The project, the press release continues, is expected to have at least a USD 7 billion annual economic impact on the state and generate between USD 116 - 157 million in state tax revenue annually, once fully operational.
EDITOR'S NOTE_ Tweet-Text: Thank you to everyone who worked so hard to make Foxconn’s historic $10 billion investment in Wisconsin a reality. This will benefit our entire state for years to come. Together, we are moving Wisconsin and its economy FORWARD! #WIWorking #MadeInWI Governor Walker (@GovWalker)