For Immediate Release
September 18, 2018
Media Contacts: [email protected]
Signs partnership agreement to support local jobs, Wisconsin’s ginseng industry and American ginseng market
Sets up joint venture for sales and development of American ginseng in China
Wausau, WI – Foxconn Health Technology Business Group (Foxconn) today signed a strategic cooperation agreement with the Ginseng Board of Wisconsin (GBW) and Hsu’s Ginseng, the largest supplier of American ginseng in the United States, to jointly develop Wisconsin’s ginseng industry and grow Foxconn’s newly-established Wisconsin-based ginseng brand, Hong Seng. Foxconn’s partnership with the ginseng industry in Wisconsin will support hundreds of local jobs across the supply chain and boost the availability of American ginseng, which is known for its health benefits and is consumed around the world.
The signing of the agreement between Foxconn, GBW and Hsu’s Ginseng was witnessed by Wisconsin Governor Scott Walker. The agreement will bring together Foxconn’s high-end inspection technology and production capabilities, and the experience and technical know-how of Hsu’s Ginseng, to support holistic development of the American ginseng market – from production to sourcing, technical development, sales and distribution. Hsu’s Ginseng will also act as the main provider of high-quality ginseng for Hong Seng as well as provide technical assistance and industry consultation to Hong Seng.
As part of Foxconn’s commitment to contribute to advancements in healthcare and biotechnology, the company will utilize the global resources and technology expertise of its Health Technology Business Group to support scientific inspection and certification of American ginseng through its Hong Seng brand, to provide consumers with access to safe and high-quality ginseng. Foxconn will also leverage its relationship with academic institutions such as the University of Wisconsin Carbone Cancer Center to promote and encourage the study of American ginseng’s health benefits and its use in cancer prevention and treatment.
In a related move, Foxconn also signed a strategic cooperation agreement with HOPU Investment Management Company today to establish a joint venture to oversee the development and sales of the Hong Seng brand in China. HOPU is a leading private equity firm with over $12 billion assets under management. With its extensive resources in China, HOPU will open a wide network of potential sales channels for the American ginseng brand.
These partnerships underscore Foxconn’s continued commitment to investing in the Badger State and deepening its long-term collaborations with local businesses and the community, in line with its goal of contributing to Wisconsin’s vibrant business environment and transformation as a global high-tech hub. As part of that vision, Foxconn will create 13,000 high-value jobs in Wisconsin as it builds an extensive supply chain and robust AI 8K+5G ecosystem with the Wisconn Valley Science and Technology Park in Mount Pleasant at its center, and establishes a talent and innovation network across the state.