Foxconn Technology Group is confident a new agreement with Wisconsin will attract other businesses to the state.
The new deal slashes the maximum tax credits the company could earn while providing more flexibility after plans for the southeastern Wisconsin plant were dramatically scaled back.
Under the new agreement, Foxconn could qualify for $80 million in state assistance if it creates 1,454 jobs and invests $672 million in its Mount Pleasant operation by Dec. 31, 2025, Gov. Tony Evers’ office said.
“Our new agreement signals to the United States and international business communities that our Science and Technology Park still benefits from unique advantages that make Wisconsin, and our Park, an attractive place to call home, drive business, and grow jobs,” the company said in a release. “With elected officials supporting Foxconn’s investments in Wisconsin, and with the right market demand, we are confident other Foxconn affiliates, joint ventures, and non-affiliates will soon also look to Wisconsin.”
Wisconsin Technology Council President Tom Still had similar sentiments. Ahead of the unanimous WEDC Board decision to approve the agreement, Still said Foxconn’s presence in Mount Pleasant will help meet the national challenge of onshoring.
“The COVID-19 epidemic drilled home the importance of onshoring, especially in manufacturing sectors, to keep America safe and secure,” Still explained. He noted that the new deal also reinforces Foxconn’s goal to move more of its supply chain outside Taiwan and China.
Still said Foxconn’s reputation as the No. 1 contract electronics manufacturer and No. 2 employer behind Amazon are metrics that should accrue to Wisconsin’s favor in a global marketplace.
It also protects investments already made by the state, local communities and the company.
Foxconn said in a release it has invested about $900 million in Wisconsin inclusive of all expenditures since the inception of the project. These investments included an advanced manufacturing facility, a smart manufacturing center, a multipurpose building and a high performance computing data center globe.
The company also said over 3,500 construction jobs have been created as part of the park development, representing some 300 Wisconsin businesses who have received approximately 90 percent of all construction contract value.
-By Stephanie Hoff