Foxconn Chairman Terry Gou company's 'bringing' 13,000 jobs & $10 billion plan for Wisconsin7/31/2017
In a world where technology keeps getting sharper, faster and more entrenched in all facets of life, some of the sharpest, fastest technology is going to be made at a $10 billion LCD-screen plant to be built in southeast Wisconsin, Foxconn Technology Group Chairman Terry Gou said Thursday in an exclusive interview with the Journal Sentinel.
Gou visited the city to sign a memorandum of understanding with the state and commit his Taiwan-based electronics manufacturing company to investing billions of dollars and hiring up to 13,000 people in the new facility at “living wage” jobs.
The commitment may even include a naming rights deal for all or part of the Milwaukee Bucks’ new arena, Gou said. “I would say this: We (are) working with them, but it’s not final yet,” Gou said. “Do we want the whole building or just one section? I don’t know.”
Gou confirmed that Foxconn plans to invest $10 billion in Wisconsin by 2020, constructing a campus of multiple buildings totaling 20 million square feet to produce super-high-definition liquid crystal display panels to be used in a variety of industries. The company, perhaps best known as the producer of Apple’s iPhones, plans to make “8K+5G” displays, which have the very latest ultra-sharp 8K definition and can accommodate ultra-fast 5G wireless speeds.
Why set up shop in the United States, when all LCD panels currently are made in Asia, where lower labor costs and other factors can help keep prices down?
“Number one, the United States is still the largest (consumer) market in the world,” Gou said. In addition, the company last year acquired Japan’s Sharp Corp., and having a “Made In The U.S.A.” tagline will be advantageous when the company markets Sharp brand next-generation televisions in the nation, Gou said. The new plant will be located in southeast Wisconsin, most likely in Racine or Kenosha counties, but no precise site has been chosen yet. Gov. Scott Walker, who joined Gou at a signing ceremony for the memorandum of understanding at the Milwaukee Art Museum on Thursday, said the site, when chosen, will come to be known as “Wisconn Valley.”
If the Taiwanese company lives up to its commitments of jobs, it will receive up to $3 billion in subsidies from state taxpayers over 15 years.
The jobs, including engineering and other high-tech positions, will pay an average annual salary of more than $53,000 plus overtime and benefits, Gou said. The Foxconn campus will represent the largest greenfield investment by a foreign-based company in U.S. history, according to Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce, which was integral in helping attract Foxconn to the state.
Beyond choosing to open a plant in the U.S. because of the importance of the consumer market and the “Made In The U.S.A.” label to his company’s future, Gou was asked why, in particular, he chose to put it in Wisconsin.
In the interview, he outlined these reasons:
“These key people pushed very hard,” Gou said.
0 Comments
Leave a Reply. |
CORWIN GROUPLatest News Archives
October 2021
CategoriesBy submitting this form, you provide consent for Corwin Group to email you occasionally with industry news and promotions. You may unsubscribe from these emails at any time.Testimonials & Disclaimer
Important Disclosure: By visiting this site, you agree to be bound by CorwinGroup’s Terms of Use and Privacy Policy. CorwinGroup.com is intended for accredited investors and otherwise qualified investors who understand and accept the risk associated with private investments. Investing in private investments on CorwinGroup involves risks, including, but not limited to market and industry risks, risks related to a specific property, currency fluctuation risk and liquidity constraints. Investments are not bank deposits and are not guaranteed. There is a potential for loss of part or ALL of the investment capital. CorwinGroup does not endorse any of the opportunities that appear on the site, nor does it make any recommendations regarding the appropriateness of particular opportunities for any investor. No correspondence or information provided on CorwinGroup.com or by any representative of CorwinGroup should be construed as a recommendation of a security. Each investor is advised to conduct his/her own due diligence as CorwinGroup does not provide any investment advice, business advice, or tax or legal advice. CorwinGroup is not registered under the Securities & Futures Act or the Financial Advisor’s Act. Neither the Securities and Exchange Commission in the country nor any federal or state securities commission or any other regulatory authority has recommended or approved of the investment or the accuracy or inaccuracy of any of the information or materials provided by or through the website. Please read Corwin’s Terms of Use for more detailed terms and conditions to which users of CorwinGroup are subject. |