Foxconn deal signed
RACINE, Wis. (AP) — Wisconsin Gov. Scott Walker and Foxconn Technology Group Chairman Terry Gou have signed off on a $3 billion contract for the Taiwanese company to build a massive display-screen factory in southeast Wisconsin.
Walker and Gou signed a contract Friday that locks the state into providing up to $3 billion in tax incentives if Foxconn invests $10 billion on a new display-screen manufacturing factory and campus near Racine. The company would also have to hire 13,000 workers to get the full benefit.
It is the largest state tax incentive package offered to a foreign company in U.S. history.
Gou says he will pay Wisconsin up to $500 million if Foxconn does not fulfill its side of the contract.
The contract signing comes after the state Legislature approved general terms of the deal. Wisconsin beat out several other states for the plant.