MADISON, Wis. (AP) — Foxconn Technology Group, the world’s largest electronics manufacturer, has reached a new deal with reduced tax breaks for its scaled back project in southeast Wisconsin, Gov. Tony Evers and the the company announced on Monday.
Details of the new deal were not immediately released. It was scheduled to be approved at a Tuesday meeting of the Wisconsin Economic Development Corp., the state’s top jobs agency that previously negotiated the initial deal with Foxconn.READ MORE: A 16-Year-Old & A 27-Year-old Are Charged In Connection With Shooting Death Of 8-Year-Old Melissa Ortega
The original deal with nearly $4 billion in state and local tax incentives was struck in 2017 by then-Gov. Scott Walker. It was based on Taiwan-based Foxconn’s promise to build a massive $10 billion flat screen panel manufacturing facility in Mount Pleasant, near the Illinois border, employing up to 13,000 people. Then-President Donald Trump hailed the project as the “eighth wonder of the world.”
But Foxconn, best known for making Apple iPhones, has continually scaled back its plans for the site and missed employment targets that would trigger state tax credits.READ MORE: With Temperatures Falling To Dangerous Lows, Cook County Doctor Provides Tips On How To Stay Safe
Evers, who ran against Walker in 2018 as a critic of the deal, said in a statement Monday that the new deal “works for everyone.”
Jay Lee, Foxconn’s vice chairman, said Foxconn approved the new deal with a desire to lower taxpayer liability in exchange for the flexibility to pursue business opportunities the meet market demand.”
Foxconn’s chairman said last month it was considering making electronic vehicles at the facility.MORE NEWS: After Months Of Finger-Pointing Over Violent Crime, Mayor Lori Lightfoot And Supt. David Brown Come Together With State's Attorney Kim Foxx Over 8-Year-Old Melissa Ortega's MurderTo
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