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Update: Foxconn, now with $500 million guarantee #foxconn #makerbusiness

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Foxconn and CEO back job creation with up to $500 million guarantee.

Wisconsin is putting new job requirements on an up to $3 billion subsidy package for a Racine County flat-screen plant and drawing a personal guarantee from one of the world’s richest men, under a contract approved Wednesday behind closed doors. The WEDC board approved the deal, 8-2, after protesters shouted at the agency’s directors as they voted to go into a private session.

But the project still requires the approval of $764 million in local incentives for Foxconn and years of work on massive land deals and construction. 

In exchange for the up to $3.8 billion in state and local incentives, Foxconn has promised to invest up to $10 billion to create up to 13,000 jobs at the plant. As a manufacturer in Wisconsin, Foxconn will pay little if any taxes on the profits that factory generates.

We’ve been following this story for awhile “History of Foxconn promises”

2017
Wisconsin 3,000 jobs to start, and projected 13,000 Wisconsin workers, a promised investment of $10 billion by Foxconn’s chairman, Terry Gou, factory would be 20 million square feet. The plan is to break ground in 2018 and open in 2020.

2014
Foxconn signed a letter of intent to invest up to $1 billion in Indonesia. It appears that investment still has not occurred.

2013:
Foxconn announces a $30 million factory in Harrisburg, Pennsylvania 2013 and hire 500 workers. In 2014, as the Pennsylvania deal was quietly dying, Gou teased the opening of a LCD display factory in the states. His company talked with officials in Colorado and Arizona. Nothing happened.”

2011
Brazil, where Foxconn spoke of a $10 billion plan. Does not appear to have happened.

2007
Vietnam, Foxconn committed to a $5 billion investment in 2007. Does not appear to have happened.

Foxconn does have an office in PA, though (100 S 38th St, Harrisburg, PA 17111 –(Google maps/photo). Pictured above.


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