The state of Wisconsin and Foxconn signed a memo of understanding Thursday at a celebration at the Milwaukee Art Museum outlining the deal that will bring a new manufacturing facility to southeastern Wisconsin. The new facility will employ up to 13000 workers and bring $7 billion in annual economic activity.
The factory will produce 8k LCD display panels, the first factory in North America to do so.
“It’s a big day for Wisconsin, and it’s a big day for Foxconn,” Governor Scott Walker said.
The memo said that Foxconn will invest up to $10 billion into building the new factory and Wisconsin would offer $3 billion in tax credits over 15 years based upon performance. Wisconsin promises to expedite any permitting process, including environmental permits, to keep the project on time. Total construction time will take six years. The development project will be known as Wisconn Valley.
Walker told the audience how a report by Fox 6 news on a tavern in Racine cheering as the Foxconn announcement was made brought tears to his eyes.
“You see, these folks in Racine, many of whom had been unemployed in the past, many of whom had been laid off from previous employment, were looking up, in absolute silence, watching as Terry and I joined the president and vice president and Congressman Ryan up on that stage,” Walker said. “And what touched me the most, I got to tell you what, I’m not afraid to admit, made me cry a little bit this morning. To see them cheer, as we talked about a $10 billion investment in their community, in their region, in their state, that’s what it’s all about.”