Foxconn to build LCD factory in U.S., investing 10 bln United States dollars
- Author: Darren Santiago Jul 31, 2017,
Jul 31, 2017, 0:26
State Rep. Samantha Kerkman, R-Salem Lakes, said she also has high hopes for the plant.
Other states that vied for the plant are Michigan, Illinois, Indiana, Ohio, Pennsylvania and Texas. Some of those states, including Wisconsin, were pivotal to Mr. Trump's victory in 2016, and are home to numerous working-class voters who were seen as key to his win.
"We're six months into the Trump presidency and not much has happened, and presumably that's because the CEOs of these companies have some influence at the White House", Rose said.
In his speech, Trump made clear that he should receive the credit for the investment deal, saying "if I didn't get elected, he definitely would not be spending 10 billion dollars". "We are going to change that", he said, referring to the latest generation in TV picture clarity, offering four times the resolution of high definition TVs.
He was talking about his state's commitment to provide up to $3 billion in tax credits and other incentives to Foxconn over 15 years.
Those numbers, coupled with the Foxconn investment, will help Apple Chief Executive Officer Tim Cook argue that his company is already making a significant contribution to U.S.jobs, according to Andrew Rose, an economics professor at the University of California, Berkeley's Haas School of Business. The new factory is scheduled to open in 2020 and create 3,000 jobs. The campus dubbed "Wisconn Valley", would cover almost 1.6 square miles and be three times the size of the Pentagon.
However, Foxconn has not said what type of jobs it will offer in order to produce liquid-crystal display panels that are used in televisions and computer screens. It's being built in House Speaker Paul Ryan's home electoral district.
The United States has added 70,000 manufacturing jobs since November, bringing the total to almost 12.4 million, but has not added any net factory jobs in the last two months, according to the Bureau of Labour Statistics.
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Now that Wisconsin has succeeded in wooing Foxconn, Blank and others are working to do something similar by developing research partnerships with the Taiwanese electronics giant that could pour new funding into UW-Madison.
"To make such an incredible investment, Chairman Gou put his faith and confidence in the future of the American economy".
AMERICAN EXPANSION: A new USA plant will bring Foxconn closer to its biggest market.
In 2013, Foxconn said it would invest $30 million and hire 500 workers for a new factory in Pennsylvania, but that facility was never completed.
The Wisconsin Legislature must approve the deal in a special session expected in August.
Inside the White House, discussions with Foxconn about opening a USA plant were led over several months by Jared Kushner, a senior adviser and the president's son-in-law, and Reed Cordish, an assistant to the president on technology initiatives.