Moneymoney

Wed Jan 30, 2019, 04:46 PM

Foxconn Re-Thinking Plans for Wisconsin Factory That Got Record Aid

(Bloomberg) -- Foxconn Technology Group is rethinking its plan to build a cutting-edge factory in Wisconsin that was part of a promise to create 13,000 jobs, raising new questions about a high-profile project President Donald Trump once called central to his efforts to return manufacturing to the U.S.

The world’s largest contract-electronics manufacturer is reconsidering whether it is economically feasible to develop liquid-crystal displays at its Wisconsin plant, Louis Woo, special assistant to Chairman Terry Gou, said on Wednesday. Reuters reported earlier that the company could scale back its LCD production plans or abandon them.

The signaled shift marks yet another surprising evolution to the scope of Foxconn’s slated $10 billion expansion into the state, which has gone through a series of changes since Gou and Trump unveiled the project to much fanfare in 2017. The Taiwanese company had secured billions of dollars in potential incentives from the state in exchange for meeting capital investment and hiring targets, but the deal has grown increasingly controversial, with critics, including Wisconsin’s new governor, Tony Evers, describing it as a corporate giveaway.

Gou’s company is in a particularly precarious position as the U.S. and China wage an escalating battle over trade. It does most of its manufacturing in the mainland, sells products to Americans and faces pressure from both sides to maintain or create new jobs.

Though Woo suggested Wednesday there are no plans to give up on the planned facility entirely, the company is assessing what LCD technology is best suited for the project, in part due to ongoing supply chain challenges.

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https://finance.yahoo.com/news/foxconn-thinking-plans-wisconsin-factory-122323355.html

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Reply Foxconn Re-Thinking Plans for Wisconsin Factory That Got Record Aid (Original post)
RCW2014 Jan 30 OP
uncledad Jan 30 #1
wisbadger Jan 30 #2

Response to RCW2014 (Original post)

Wed Jan 30, 2019, 07:16 PM

1. Sounds very close to a scam.

Wouldn't be the first time for a Chinese firm to pull a handshake pickpocket deal. Time will tell...

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Response to RCW2014 (Original post)

Wed Jan 30, 2019, 08:30 PM

2. Except the state hasn't paid them a dime yet and wont

Have to unless and until they meet certain requirements.

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