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Wednesday, 04/21/2021 7:16:12 AM

Wednesday, April 21, 2021 7:16:12 AM

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WSJ: "Foxconn Shrinks Plans for Wisconsin Plant"

"Electronics maker signs new deal with state to invest up to $672 million, instead of up to $10 billion"

"Foxconn is scaling back plans for a liquid-crystal-display plant in Wisconsin, saying it expects to invest a fraction of the $10 billion promised nearly four years ago, according to a new contract with the state.

The electronics maker, formally known as Hon Hai Precision Industry Co. 2317 -1.64% , negotiated a new economic-development deal on Tuesday with the state of Wisconsin that was a shadow of the record-setting incentives package announced in the summer of 2017.

Foxconn, the world’s biggest electronics contract manufacturer, now plans to invest as much as $672 million and create 1,454 jobs by the year 2025 to qualify for $80 million in incentives, according to the contract.

The company previously agreed to invest as much as $10 billion and hire 13,000 people by the year 2032 to qualify for $2.85 billion in incentives.

The Foxconn deal was originally struck by the company’s former chairman and founder, Terry Gou, and former Republican Gov. Scott Walker, who lost his post in 2018 to Democrat Tony Evers. The deal was announced at the White House and touted by then-President Trump as a pillar of the administration’s plan to boost U.S. manufacturing jobs."

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