Foxconn
Foxconn

Foxconn $10 billion investment ledge in wisconsin fades

What To Know

  • In 2017, Foxconn unveiled its intentions to establish facilities in Wisconsin, vowing a $10 billion investment to relocate production to the United States, a move projected to generate up to 13,000 job opportunities.
  • During the project’s announcement, then-President Donald Trump remarked that if he were not elected, Foxconn would not proceed with the $10 billion manufacturing venture in the US.
  • However, in 2021, Foxconn undertook a significant revision of the project’s scope, communicating to local authorities a revised investment of $672 million, a notable departure from the initial $10 billion commitment.
  • The company attributed these adjustments to unforeseen market fluctuations, asserting that scaling down the project’s ambit in the US grants them the adaptability to pursue business prospects in reaction to evolving global market dynamics.

In 2017, Foxconn unveiled its intentions to establish facilities in Wisconsin, vowing a $10 billion investment to relocate production to the United States, a move projected to generate up to 13,000 job opportunities.

Presently, the Taiwanese supplier for prominent tech companies, including Apple, is divesting from two properties in Eau Claire and Green Bay, which were procured for nearly $12 million in 2018.

Wisconsin Public Radio first disclosed the property listings, indicating that merely three out of six floors in the Green Bay building are actively utilized.

Conversely, the segment owned by Foxconn in a mixed-use Eau Claire property reportedly remains vacant over several years.

Foxconn’s initial declaration outlined plans to establish “innovation centers” in Wisconsin, encompassing an LCD factory. The magnitude of the endeavor was substantial enough to secure a $2.85 billion tax credit agreement with the local government.

During the project’s announcement, then-President Donald Trump remarked that if he were not elected, Foxconn would not proceed with the $10 billion manufacturing venture in the US. The former president also participated in the groundbreaking ceremony, wielding a gilded shovel.

However, in 2021, Foxconn undertook a significant revision of the project’s scope, communicating to local authorities a revised investment of $672 million, a notable departure from the initial $10 billion commitment. Moreover, the envisaged employment opportunities dwindled from 13,000 positions to 1,454.

The company attributed these adjustments to unforeseen market fluctuations, asserting that scaling down the project’s ambit in the US grants them the adaptability to pursue business prospects in reaction to evolving global market dynamics.

Foxconn refrained from offering comments regarding its Eau Claire property. Nevertheless, it informed WPR that its presence “will contribute to the vitality of the city’s downtown.”

Mayor Eric Genrich of Green Bay expressed optimism that the property sale “will result in enhanced utilization of a splendid waterfront edifice.”

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