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Trump announces Foxconn $10 billion investment in new Wisconsin plant

Trump announces Foxconn $10 billion investment in new Wisconsin plant

10,000 construction jobs. - Foxconn will build the first facility to build LCD panels.

Foxconn said last month that it plans to invest more than US$10 billion in a display-making factory in the USA seven states competed for the new investment.

President Donald Trump meets with the White House office of American innovation.

Wisconsin Governor Scott Walker said at a White House event that the state will award US$3 billion in incentives and sign a memorandum of understanding on the investment on Thursday.

And it could score some political points for the Taiwanese company, putting it in the ranks of companies like Alibaba, SoftBank and Intel that have announced USA investments in a bid to win favor with the White House - even at times allowing Trump to take credit for plans that predate his presidency.

President Trump and his administration have been seeking to revive the USA manufacturing base, particularly in the middle of the country, where it has largely begun to diminish. The company makes electronics for a number of companies, including Apple and Nintendo.

FoxConn is primarily known for manufacturing products for Apple and employs 1.2 million people, mainly in factories in China. On December 07 Foxconn confirmed they were in preliminary talks about an expansion plan in the U.S. As noted at the bottom of our report, Patently Apple has followed-up on this subject seven more times to keep on top of these developments. "Chairman Gou put his faith and confidence in the future of the American economy, in other words, if I didn't get elected he definitely would not be spending $10 billion", he added.

"Foxconn is on a big list of industry leaders who believe that America's most prosperous decades are just ahead", said Trump.

Foxconn CEO Terry Gou stated that the plant will focus on manufacturing high-definition 8K displays, which feature an even higher resolution and look better than the market's top-of-the-line 4K displays. In 2013, for example, Foxconn announced plans to build a $30 million plant in Pennsylvania.

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.

Foxconn's estimate on jobs was more conservative. Labor advocates say the company imposes excessive overtime and pressure on workers, especially when it ramps up production ahead of new iPhone launches.

In turn the state of Wisconsin. will invest 3 billion in economic incentives to make that partnership go forward with an annual salary of $53,000 plus benefits.

"Ten thousand good-paying, family sustaining jobs for Wisconsin is a great thing for our state - period", said Milwaukee businessman Andy Gronik, who is challenging Walker next year.


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