Investors - NOVEMBER 13, 2017

Wisconsin governor and Foxconn chairman sign $10b historic agreement

by Andrea Waitrovich

Wisconsin Governor Scott Walker and Foxconn Technology Group signed a contract to provide up to $2.85 billion in state income tax credits to the company to support the development of a world-class advanced display manufacturing campus in Racine County expected to create 13,000 new jobs in the region.

Under the terms of the 15-year contract, Foxconn, the world’s largest electronics manufacturing services provider and one of the four largest technology companies in the world, agrees to invest up to $10 billion and create up to 13,000 jobs at its campus in Mount Pleasant. In return, the state will provide up to $1.5 billion in job creation tax credits and $1.35 billion in capital investment credits.

“This is a once-in-a-lifetime opportunity for Wisconsin, and this agreement provides Foxconn with the incentives the company needs to move forward with this significant investment while at the same time fully protecting the interests of Wisconsin taxpayers,” Governor Walker said. “With this contract in place, Foxconn will now move forward with creating a campus that will truly transform Wisconsin’s economy and will have positive ripple effects in every region of the state.”

The skill-, labor- and capital-intensive campus will lay the foundation for an 8K+5G ecosystem that Foxconn is creating in Wisconsin and the United States. It will manufacture the world’s most advanced large-sized LCD panels, which will be used in a wide range of technologies ranging from the latest generation televisions to self-driving cars and aircraft systems and in the fields of education, entertainment, healthcare, advanced manufacturing systems, office automation, interactive retail, and safety, among many others.

The flat-panel facility will take up 1,200 acres of the total 2,900 acres Foxconn said it needs to build the factory and to account for future growth.

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