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Gov. Scott Walker signed an agreement Friday with Foxconn Technology Group that will allow the state to offer up to $3 billion in tax incentives to the contract electronics manufacturer.
Signed at SC Johnson, the agreement marks the largest economic investment in the state and one of the largest in U.S. history. In return, Foxconn Technology Group will bring up to 13,000 new jobs — 10,000 construction jobs and 3,000 permanent jobs. The project represents a $10 billion investment.
Read the 29-page agreement.
Referring to Wisconsin, Foxconn Technology Group Chairman Terry Gou said it was “great to be home.”
“We look forward to being a part of the community and contributing to its economic transformation. We will do so while ensuring that the very things that attracted us to Wisconsin – its talented and hardworking workforce, long track record in advanced manufacturing, favorable quality of life and environment – are protected and nurtured,” Gou said.
The project includes building a 32-million-square-foot advanced manufacturing campus, which includes a tool and die, molding, assembly and packaging facilities. Initially, the project included building a 20 million square foot campus. Sources told the Racine County Eye that Gov. Scott Walker was surprised about the 32 million-square-foot reference.
The screens the company plans to build Gen 10.5 screens, which refers to the size of the mother glass. It is 107 square feet or the size of two king-sized beds. The facility will manufacture 6,955,200 displays annually.
“This is a once-in-a-lifetime opportunity for Wisconsin, and this agreement provides Foxconn with the incentives the company needs to move forward with this significant investment while at the same time fully protecting the interests of Wisconsin taxpayers,” Governor Walker said. “With this contract in place, Foxconn will now move forward with creating a campus that will truly transform Wisconsin’s economy and will have positive ripple effects in every region of the state.”
Construction is expected to begin in the spring, but the technology company has not submitted the construction plans to the Village of Mount Pleasant.
Once fully operational, the project is expected to have at least a $7 billion annual economic impact on the state and will generate an estimated between $116 million and $157 million in state tax revenues annually.
We’ll have more details about the agreement when we get them.