INSUBCONTINENT EXCLUSIVE:
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Foxconn initially said it would invest $10bn in a new manufacturing facility in
Wisconsin
Foxconn, which raised hopes of a US manufacturing revival by announcing a new factory in Wisconsin, is now
reconsidering its plans.The Taiwanese manufacturing giant no longer expects to make liquid crystal display panels at the Wisconsin plant, a
company official told Reuters.It plans to hire mostly engineers and researchers not manufacturing workers.The changes are a significant
shift from the firm's plans announced at a White House ceremony in 2017.At the time, US President Donald Trump claimed credit for landing
the investment, which he said was a sign his policies were returning investment to the US.The yet-to-be-built facility was the "eighth
wonder of the world", he said at a groundbreaking ceremony last summer.Foxconn, a major Apple supplier, had pledged to invest $10bn
(£7.6bn) in the plant, which was expected to initially employ 3,000 people, with a potential for up to 13,000, mainly entry-level jobs.In a
statement on Wednesday, Foxconn cited a changed global marketplace, saying all of its projects are being "adjusted to meet these new
realities.""We remain committed to the Wisconsin Valley Science and Technology Park Project, the creation of 13,000 jobs, and to our
long-term investment in Wisconsin
As we have previously noted, the global market environment that existed when the project was first announced has changed," the company
said.The state of Wisconsin had agreed to support the project with controversial incentives worth more than $3bn.Critics of those incentives
had long said they did not think that Foxconn would deliver on its promises
The firm has already fallen short of yearly hiring goals, preventing its receipt of tax credits last year
Image copyrightGetty ImagesImage caption
Donald Trump called the Foxconn plant the "eighth wonder of the world" at its
June 2018 groundbreaking
Louis Woo, special assistant to Foxconn boss Terry Gou, told Reuters that the firm was still
evaluating options for Wisconsin - including creating a "technology hub" made up largely of research facilities for high-tech products aimed
at health care, industrial.But he said high labour costs in the US meant making advanced TV screens didn't make sense."In terms of TV, we
have no place in the US," he told Reuters
