Foxconn expected to announce multi-billion dollar investment

  • 26 July 2017
  • From the section Business

Foxconn boss Terry GouImage copyright
AFP/Getty Images

Foxconn, the Taiwanese firm that works closely with technology firm, Apple, plans to build a multi-billion dollar plant in Wisconsin, US media are reporting.

US President Donald Trump, who put boosting US manufacturing at the heart of his election campaign, is expected to make the announcement on Wednesday.

Foxconn has previously said it was exploring several states for possible facilities.

The firm has not confirmed the reports.

Foxconn chief executive Terry Gou, who has met with President Trump, has indicated his firm could invest as much as $10bn (£7.6bn), with states including Wisconsin and Michigan under consideration. He said the firm would make the decision this month.

To win the facility – expected to employ thousands of workers – states have been preparing competing incentive packages that would defray the cost for Foxconn.

Wisconsin Governor, Scott Walker, said he would be at the White House for the announcement.

‘Big’ plans

Foxconn works closely with I-phone and I-pad maker, Apple Inc.

The tech company is based in California, but does the bulk of its manufacturing through contractors in Asia,

President Trump, who has adopted the slogan “America First” when discussing economic policy and trade, pressed Apple during his campaign to increase its US investments. The firm has also faced criticism for conditions at factories belonging to its contractors in China.

On Tuesday President Trump told the Wall Street Journal that Apple was planning three “big” factories in the US.

The company has not commented on the statement. In May, Apple chief executive Tim Cook said the company was creating a $1bn fund to invest in advanced manufacturing in the US.

Wisconsin is a politically important state for President Trump. It has historically leaned Democratic, but President Trump won it by less than 25,000 votes in the 2016 election.

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