Foxconn officially announces new $10B LCD factory in Wisconsin, expected to create 3k jobs

After several reports and Trump’s tease earlier this week, Foxconn this evening officially announced its plan to build an LCD factory in Wisconsin. The move was announced by Foxconn Chief Terry Gou and Trump, alongside Wisconsin governor Scott Walker. House speaker Paul Ryan was also present.

Foxconn says it will spend $10 billion over the next three years to build the 20,000-square-foot plant. The company expects to employ some 3,000 people at the start, while the Trump administration says it could create as many as 13,000 jobs over the coming years. The administration also expects future facilities in places such as Illinois, Indiana, and Michigan.

While the plant is technically for ‘televisions and other consumer electronics,’ the LCD panels produced at the start will be for TV maker Sharp. This shouldn’t come as too big of a surprise as Foxconn parent company Hon Hai owns the majority of Sharp.

Trump has pushed an increase in United States manufacturing since his campaign. He’s promised incentives and tax breaks for companies that move production to the United States. The state of Wisconsin is reportedly set to award $3 billion in incentives to Foxconn for the new plant.

Earlier this week, Trump touted that Tim Cook had “promised” to build three manufacturing plants in the United States. The president said that the plants would be “big, big big.” At this point, it’s unclear if this Wisconsin plant is one of the tree Trump previously teased. But if so, it won’t actually have any implication on Apple, at least at the start. Some have suggested that Trump’s mention of Apple may have been all hype.

At the event this afternoon, Foxconn’s Gou thanked Trump for his involvement and said the company is thrilled to expand to America’s heartland:

“We are thrilled to build a state-of-the art display fabrication plant in America’s heartland, which will be the first of a series of facilities we are building in several US states,” Gou said at the event.

“We thank President Trump and Governor Walker for their work to bring Foxconn to Wisconsin. Wisconsin offers a talented, hardworking workforce, and a long track record in advanced manufacturing, all of which presents an extraordinary opportunity.”

The Wisconsin Foxconn plant was first rumored earlier this year and CNBC offered more details earlier today.

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