President Donald Trump is claiming victory as Taiwanese manufacturing giant Foxconn announced it would invest $10 billion in the United States and build a new factory employing at least 3,000 workers in Wisconsin.
Wisconsin Governor Scott Walker tweeted Wednesday that Trump's announcement will create major jobs in Wisconsin, leaving press to believe it will be about Foxconn building a manufacturing plant in the state.
"The construction of this facility represents the return of LCD electronics and electronics manufacturing to the United States, the country that we love". Foxconn's plant is projected to generate up to $181 million in local and state tax annually, and will span over a 20 million-square-feet campus.
"This shows actual results - getting it done", Ryan said.
Other states that Foxconn has been eyeing for its new plant are Illinois, Michigan, Pennsylvania and Indiana.
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Its Europe segment includes geographic regions, such as Germany, Italy, the United Kingdom, Spain and Other Europe. The Company's divisions include the UK, Australia & New Zealand, Established Markets and Developing Markets.
"Foxconn, Apple's main manufacturing partner, in April said it was considering a number of USA investments". Foxconn is the Taiwanese company which forms a part of tech giant Apple's supply and production chain, and the U.S. expansion is a major gamble for a company in a market which built its products in "China and other lower-cost Asian countries in recent decades". In all, Foxconn is eligible to earn $3 billion in tax credits over 15 years. The company expects to employ some 3,000 people at the start, while the Trump administration says it could create as many as 13,000 jobs over the coming years.
Foxconn, formally known as Hon Hai Precision Industry Company, will likely expect a lucrative package of incentives from the state if it locates the plant here.
That average salary is much, much higher than what Foxconn workers make in China and will have an impact on product prices according to Foxconn chairman Terry Gou.
Currently, Foxconn has plants in Asia, as well as India and Brazil.