Company will not seek year one co-investment from state, emphasizes ongoing commitment to Wisconsin
Milwaukee, WI – Foxconn Technology Group (Foxconn) this week issued a letter to the Wisconsin Economic Development Corporation (WEDC) summarizing key highlights of the company’s achievements in Wisconsin throughout 2018. Foxconn released the following statement:
Foxconn continues to make good progress on all fronts related to the Wisconn Valley Science and Technology Park, as well as our network of Innovation Centers established throughout Wisconsin to support the project and the state’s technology ecosystem. We recently provided the Wisconsin Economic Development Corporation with highlights of our progress related to construction, hiring, environmental sustainability, educational initiatives, and community engagement. Attached is a copy of this letter.
In 2018, we made the strategic decision to broaden the base of our investment within the State of Wisconsin, far beyond what we initially planned, to ensure the company and our workforce will be positioned for long-term success.
While Foxconn remains committed to creating 13,000 jobs in Wisconsin, we have adjusted our recruitment and hiring timeline. As a company with operations around the world, we need to have the agility to adapt to a range of factors, including global economic conditions. We have done so while simultaneously advancing other aspects of the project and achieving our foremost priority for 2018 – creating a solid foundation upon which the Wisconsin project can continue to grow further.
Foxconn has created 1,032 jobs in support of the project and 178 of those jobs met the requirement for the 2018 round of investment tax credits/co-investment from the state. For that reason, we will not seek the first round of co-investment from the state.
In 2019, we look forward to making continued progress on the construction of the Wisconn Valley Science and Technology Park campus. We will be conducting further information sessions for contractors in coming months. As part of the first phase of the project, we expect to start construction of facilities to house cutting-edge display development, advanced manufacturing, and 8K+5G research and development capabilities in the spring.
Dr. Louis Woo, Special Assistant to Foxconn Founder and CEO Terry Gou, said: “Foxconn’s commitment to Wisconsin remains as strong as ever. In addition to creating more than a thousand jobs in the state so far, Foxconn invested over $200 million to date in Wisconsin, deepened our collaboration with a range of academic partners, supported Badger State businesses, and completed the first of many buildings at the Wisconn Valley Science and Technology Park.
Wisconsin is at the heart of our vision to create a vibrant AI 8K+5G ecosystem and we look forward to working closely with local partners, educational institutions, organizations and businesses to make further progress on the Wisconn Valley Science and Technology Park and our innovation network throughout the state, in line with our Wisconsin First commitment.”