Foxconn scraps plan to build $10 billion Wisconsin factory Trump bragged about

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Louis Woo, the special assistant to Foxconn chief executive Terry Gou, told the press service that the company was still considering its options in Wisconsin, but said the cost of manufacturing TVs in the us was simply too high.

The Chinese company said in 2017 that the $10 billion facility would make LCD displays and employ up to 13,000 people - including a sizable manufacturing workforce.

"In Wisconsin we're not building a factory", Louis Woo, a high ranking assistant to Terry Gou, Foxconn's chairman, tells Reuters. A company official said it is scaling back, though, and possibly ending plans to build liquid crystal display panel screens, saying it can not compete in the U.S.

In a statement Wednesday morning to WPR, Foxconn did not dispute the Reuters report, but said the company remained committed to Wisconsin.

But what was left out of the statement was that Walker and others pursued the deal in large part because the massive development is expected to generate other new businesses, new housing and other economic activity that will, in turn, produce even more tax revenue. "We are upholding our commitment to Wisconsin". It does most of its manufacturing in the mainland, sells products to Americans and faces pressure from both sides to maintain or create new jobs. The price tag for the state of $3 billion did not seem to justify 13,000 jobs - that works out to $230,000 of taxpayer money spent on each $54,000 job created.

It plans to hire mostly engineers and researchers not manufacturing workers.

"Trump bragged about his deal with Foxconn to bring jobs to Wisconsin".

August 15, 2017 - One Wisconsin Now says Wisconsin's $3 billion incentive offer to Foxconn is "the largest gift ever by a state to a foreign company".

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However, the latest news could dent the image he likes to project of the dealer-in-chief who can deliver, and comes soon after he backed down in his standoff with Democrats over his Mexican border wall in a dispute that closed the government for a month.

And though Foxconn has restated their intent to fulfill their 13,000 job promise, doing so may be a fool's errand.

It hired 178 full-time jobs rather than the 260 targeted in 2018, failing to earn a state tax credit worth up to $9.5 million.

But he added: "Given global economic conditions and the trade tensions between China and the US.it's impossible that we can always stay committed to our original plan without any change".

Assembly Speaker Robin Voss (R) and Senate Majority Leader Scott Fitzgerald (R) released a joint statement saying, "We don't blame Foxconn for altering plans in an ever-changing technology business. And now, it appears Foxconn is living up to their failed track record in the USA - leaving another state and community high and dry".

"Republicans will do all that we can to keep Wisconsin open for business and the Manufacturing and Agriculture Tax Credit in place".

Company representatives did not immediately respond to requests for comment. Critics of the deal, including a number of Democrats, called it a corporate giveaway that would never result in the promised manufacturing jobs and posed serious environmental risks. "Greatest phrase ever used in politics, I suspect". He said Foxconn can succeed if the plant becomes more research-oriented because its areas of interest match up with Wisconsin's strengths - such as robotics, medical imaging, and industrial imaging.

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