Trump Announces iPhone-Maker Foxconn Building a $10 Billion Facility in Wisconsin

29 July, 2017, 00:14 | Author: Lorena Waters
  • WSJ      Apple     Supplier     Foxconn     Circling     Wisconsin     for     New     Display     Factory

The Wall Street Journal reported July 25 that Apple CEO Tim Cook has committed to build three big manufacturing plants in the U.S. It is not yet known whether Foxconn's impending facility will eventually become a maker of Apple products. It has been eyeing building the plant in a part of Wisconsin represented by Ryan, who said he has met with company officials at the request of the Republican governor. The plant has yet to be built.

The deal could involve promises from Wisconsin to extend billions of dollars in incentives to the Taiwanese-based manufacturer. "It would also require "$1 billion to $3 billion in local, state and federal incentives" the paper reports. Gov. Scott Walker said the factory would be up and running by 2020. Today we learned that the average wage will be $53,000/yr. plus benefits, far from being minimum wage.

The construction of the campus could support up to 10,000 jobs over the next four years and another 6,000 indirect jobs.

The company is renowned for building electronic gadgets for almost every major technology company, including: Apple, Google and Amazon, now having massive factories in Asia, South America and Eastern Europe. It is hard to speculate about Trump's input into the launch of the venture, though, as Foxconn's plant opening was rumoured before the election a year ago. "Right now, all those LCD displays are made in Asia".

"To make such an incredible investment, Chairman Gou put his faith and confidence in the future of the American economy".

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"If I didn't get elected, he definitely would not be spending US$10 billion", Trump said.

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 US 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.

The announced facility is expected to employ 3,000 to start with and will gradually expand with up to 10,000 more job openings.

Now, the company is building its first major manufacturing facility in the U.S., announcing a $10 billion (£7.67 billion) investment over four years to put together a display panel plant in the USA state of Wisconsin in exchange for £2.30 billion in unspecified incentives from the USA government.

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