WASHINGTON (Reuters) - Foxconn Technology said Friday it will build a factory in Wisconsin after the company's chairman spoke to U.S. President Donald Trump.
Reuters reported earlier this week that Foxconn was reconsidering plans to make advanced liquid crystal display panels at a planned $10 billion Wisconsin campus. But after conversations between Trump and Foxconn Chairman Terry Gou, the company said it would now move "forward with our planned construction of a Gen 6 fab facility," which is a type of plant that produces displays.
The 20-million square foot campus marked the largest investment for a brand new location by a foreign-based company in U.S. history when it was announced at a White House ceremony in 2017. It was praised by Trump as proof of his ability to revive American manufacturing. The apparent reversal was seized upon by Democrats in Congress this week.
Trump tweeted Friday: "Great news on Foxconn in Wisconsin after my conversation with Terry Gou!"
Louis Woo, special assistant to Gou, told Reuters on Wednesday that Foxconn wants to create a "technology hub" in Wisconsin that would largely consist of research facilities. "In Wisconsin we're not building a factory," Woo said.
Foxconn said that global market conditions had "necessitated the adjustment of plans for all projects, including Wisconsin."
The company's statement Friday reiterated that the "campus will serve both as an advanced manufacturing facility as well as a hub of high technology innovation for the region."
Foxconn's statement did not reiterate its commitment to create 13,000 jobs as it did on Wednesday.
(Reporting by David Shepardson; editing by Jeffrey Benkoe)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)