Trump Announces $10 Billion Foxconn Plant in Paul Ryan's District

It's not just jobs that are up for grabs- possibly 5,000 alone at the plant and potentially thousands more at other unspecified US operations the company intends to launch

Trump Announces $10 Billion Foxconn Plant in Paul Ryan's District

After several reports and Trump's tease earlier this week, Foxconn this evening officially announced its plan to build an LCD factory in Wisconsin.

President Donald Trump plans to announce Wednesday that electronics giant Foxconn will build a liquid crystal display panel plant in Wisconsin, according to an invitation to the event obtained by The Associated Press. The project will create 13,000 new jobs and should be completed by 2020, according to Wisconsin Gov. Scott Walker.

Speaking at the announcement, Gou said that since TV was invented in America, it was fitting to bring back the manufacturing of LCD displays there.

In January, shortly after Trump's inauguration, Gou floated the idea of a US-based display-making plant for Sharp, which it acquired past year, in a deal that could be worth as much as $7 billion.

Apparently, Foxconn will receive up to $3 billion in tax incentives, as state-funded stimulus for the execution of the project. "This right here shows actual results", said Speaker Ryan.

Foxconn is based in Taiwan. Michigan, North Carolina and Pennsylvania are other states thought to be in the running to land the investment.

Walker said the investment would create 13,000 high-paying jobs as well as another 22,000 indirect jobs and 10,000 construction jobs.

Though there was no comment from Apple CEO, but Trump said he had talked to Cook and he was going forward with it. It would initially employ 3,000 workers making an average of $53,900 a year plus benefits and could eventually boast more than four times that.

Foxconn, formally known as Hon Hai Precision Industry Company, will likely expect a lucrative package of incentives from the state if it locates the plant here.

Trump told The Wall Street Journal on Tuesday that Apple CEO Tim Cook promised him that the company would create three new manufacturing plants in the USA - a claim the company declined to confirm.

Foxconn, which knows how to scale up the manufacturing of IT devices of all types but also has been cited in the past for poor working conditions by several global watchdog agencies, also will make dashboard screens for automobiles in addition to health care devices, Walker said.

The Wisconsin plant will not be Foxconn's last.

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