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Wisconsin board clears way for $3 billion Foxconn deal

Reuters 

(Reuters) - Wisconsin's economic development agency on Wednesday approved a $3 billion incentives package for Taiwan-based to build a massive liquid-crystal display plant in the state, Governor Scott Walker said.

The vote by the Economic Development Corporation clears a final hurdle for the controversial deal, in which <2317.TW> hopes to open a $10 billion plant in 2020 at a 1,000-acre site in southeastern [nL1N1KH10M]

Foxconn, formerly known as Hon Hai Precision Industry Co Ltd, is a major supplier to Apple Inc for its iPhones.

"WEDC's board approved the deal with is ready to welcome the world's largest electronics contract manufacturer to and the United States!," Walker said on Twitter.

The governor told local media he intends to sign the incentive package, which was approved by the Republican-controlled in August, at a ceremony with the company's chief executive officer on Friday.

Walker ordered the legislature into special session in August to consider the incentives package, which would award $3 billion over 15 years in mostly cash incentives.

The 20-million-square-foot LCD plant would initially employ 3,000 people, but Walker and said the company could ultimately employ 13,000 at the site. [nL1N1KI1WT] [nL1N1KH10M]

Proponents have touted the project's investment potential and job creation, including an expected 22,000 ancillary and 10,000 construction jobs.

Critics, including some Democrats, have attacked the plan as corporate welfare, too expensive, rushed and potentially harmful to the environment. [nL1N1KP172] [nL1N1KN17P]

(Reporting by Dan Whitcomb in Los Angeles)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 07:05 IST
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