Foxconn, an electronics manufacturing company based in Taiwan, announced that it’s now in the process of building an LCD screen plant worth $10 billion in Wisconsin.
The Taiwanese manufacturer is Apple’s top supplier for the production of iPhones.
The company, Foxconn Technology Group, said a month earlier that it's thinking of investing more than the presently announced amount in the construction of its brand new display-making factory. This factory will be the first one in the US.
7 states in the US have competed for the new investments of Foxconn. In a statement, the company said the investment they made will create more than 3,000 jobs. It even has the potential to grow up to 13,000 jobs within the state. This signifies the beginning of a series of big investments by the company in the following years.
Scott Walker, the governor of Wisconsin, appeared at an event taking place in the White House and said that the state plans to award incentives worth $3 billion on Thursday. On the same day, Wisconsin will also be signing a memorandum regarding the investment’s terms and conditions.
"This is definitely one of the great days of America and Wisconsin in particular," said Walker. In the history of the state, the new plant of Foxconn will be its largest economic development program.
Reince Priebus, the Chief of Staff of the White House, told Wisconsin TV that the President was in Kenosha, Wisconsin in April when he spotted the location of Chrysler's former plant.
When the executives of Foxconn met with Pres. Donald Trump, he told them that he knows an excellent spot where they can build their new plant – the place in Kenosha.
Trump continuously calls for US companies to start building and producing products within the country. He recommends they should open additional plants in order to "make America great again." Since the November election, Pres. Trump has made a few announcements regarding domestic and foreign manufacturers - he built his campaign around the boost of jobs in America.
Foxconn is known as Apple’s primary manufacturing partner: the company is responsible for assembling Apple’s products. In 2016, Apple spent more than $75 billion with the Taiwanese manufacturer.
In a Wall Street Journal interview, Pres. Trump said that Tim Cook, Apple’s CEO, agreed to construct 3 massive plants. However, Foxconn does not work exclusively for Apple - the multinational technology company is just among the many customers of Foxconn. Cook did not make any comments on the remarks of Trump, especially regarding the location and construction of the plants.
Pres. Trump gave a series of hints on the additional plants that Foxconn is working on:
"In Southeast Wisconsin, it can be expected that Foxconn will make big investments. In the following years, a larger facility will be constructed. This facility is under negotiation as of the moment," said Trump.
He added that this Foxconn investment will be the biggest in all of the country.