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Foxconn and Wisconsin are renegotiating their massive factory deal, governor's letter reveals
Source: CNBC
Foxconn and Wisconsin are renegotiating their massive factory deal, governor’s letter reveals
PUBLISHED TUE, APR 23 2019 • 6:01 PM EDT UPDATED TUE, APR 23 2019 • 11:44 PM EDT
Scott Cohn
Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal.
The disclosure comes in a letter from Evers to Foxconn executive Louis Woo, a special assistant to Chairman Terry Gou and the company’s point person on the project.
In 2017, amid great fanfare including a White House ceremony including President Trump, Foxconn officials and then-Wisconsin Gov. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. In return, the state promised $4.5 billion in incentives, as well as infrastructure improvements in the state.
Since then, the program appears to have stalled and the company has announced changes in the product mix at the facility. After Woo suggested earlier this year that the company was scaling back its plans, the President reportedly intervened, and the company announced plans to break ground later this year.
Republicans, who control the state legislature, accused Evers, a Democrat, of sabotaging the deal.
-snip-
PUBLISHED TUE, APR 23 2019 • 6:01 PM EDT UPDATED TUE, APR 23 2019 • 11:44 PM EDT
Scott Cohn
Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal.
The disclosure comes in a letter from Evers to Foxconn executive Louis Woo, a special assistant to Chairman Terry Gou and the company’s point person on the project.
In 2017, amid great fanfare including a White House ceremony including President Trump, Foxconn officials and then-Wisconsin Gov. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. In return, the state promised $4.5 billion in incentives, as well as infrastructure improvements in the state.
Since then, the program appears to have stalled and the company has announced changes in the product mix at the facility. After Woo suggested earlier this year that the company was scaling back its plans, the President reportedly intervened, and the company announced plans to break ground later this year.
Republicans, who control the state legislature, accused Evers, a Democrat, of sabotaging the deal.
-snip-
Read more: https://www.cnbc.com/2019/04/23/foxconn-wisconsin-governor-tony-evers-renegotiating-letter.html
