Hon Hai Precision Industry Co (鴻海精密) yesterday said it has officially signed an agreement with the Wisconsin Economic Development Corp (WEDC) to build a state-of-the-art flat-panel plant in the state.
WEDC is an entity created by Wisconsin Governor Scott Walker to facilitate investments in the state.
In a statement, Hon Hai chairman Terry Gou (郭台銘) said that his company would invest US$10 billion to build the flatscreen plant, which is to manufacture 8K high-definition panels and 5G technology ecosystems, in Wisconsin to make the most sophisticated flatscreens in the world.
Photo: EPA
The advanced plant is expected to provide screens for a wide range of applications such as TVs, self-driving cars, aviation systems, education, entertainment, healthcare and office automation, Gou said in the statement.
Before the statement was released by Hon Hai, media in the US reported that Gou and Walker on Friday inked an incentive agreement for the state to provide US$3 billion in tax incentives to the Taiwanese firm for establishing the plant.
The reports said it was the largest package of subsidies ever given to a foreign company by a US state.
According to The Associated Press, the accord locks the state into providing up to US$3 billion in tax incentives if Hon Hai invests US$10 billion on a new display-screen factory and campus in Mount Pleasant in Wisconsin’s Racine County.
Hon Hai, also known as Foxconn Technology Group (富士康) in the global market, has said it expects 13,000 workers would be hired to work in the plant, the report said.
The report cited Gou as saying that he would pay Wisconsin up to US$500 million if Hon Hai fails to fulfill its side of the contract.
According to Racine County, the plant is to occupy about 185.8 hectares, making it the largest project ever in the state.
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