Saturday, 21 October, 2017

Tax breaks for Foxconn plant considered in Wisconsin

Interstate 94 construction Trump said Foxconn chairman told him 'off the record' that company may triple Wisconsin investment to $30 billion
Erik Tate | 04 August, 2017, 00:29

On Tuesday, Trump said Foxconn's founder Terry Gou told him last week that the company's investment would be closer to $30 billion, in a private, off the record statement. Foxconn has said it intends to build a campus with 20 million square feet of office space over 1.56 square miles.

When the news was publicly released, Gou spoke of his confidence in the quality of the products that will be made in Wisconsin, and his commitment to creating more jobs in America.

Gov. Scott Walker would not offer any additional details when asked about the possibility Wednesday.

The new plant in Wisconsin, which is scheduled to open in 2020 with 3,000 employees, will construct liquid crystal display monitors used in televisions and computers.

Euro-Area Economy Steams Ahead As ECB Waits For Inflation
The latest check on manufacturing on Tuesday pointed to a rise in activity in July, helped by strong growth in export orders. Among the clearest signs of a rebound has been the euro's pick-up to around $1.17, from $1.05 at the start of the year.

"They're going to spend US$10 billion, but he is one of the great businessmen of our time and I think the number is going to be US$30 billion", Trump said.

There is also a provision calling for the state to reimburse local governments 40 percent of costs related to infrastructure expenses, like expanding roads and sewer lines, if the factory is not built.

In related news, representatives of the medical equipment division within Foxconn recently met with the head of the Carbone Cancer Center at the University of Wisconsin-Madison about potential collaboration with cancer researchers in Taiwan, according to another US media report. In addition to the primary plant in southeastern Wisconsin, Foxconn is also eyeing a location in or near to Madison for a possible secondary site.

The Milwaukee Journal Sentinel has previously reported on how Foxconn executives have visited Dane County over the past two months, meeting with University of Wisconsin-Madison researchers and with startup companies from the University Research Park. He acknowledged the plant isn't what Foxconn wants but said it would make sense for the company.

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