Foxconn has recently finalized a landmark agreement with the U.S. government for its $10 billion LCD panel project in Wisconsin. The deal was officially signed with the Wisconsin Economic Development Corporation, marking a major step in the company’s expansion into the American market. The project will establish a state-of-the-art LCD manufacturing facility in Racine County, creating 13,000 jobs over time and significantly boosting the local economy.
In a statement, Hon Hai Chairman Guo Taiming emphasized the company's commitment to integrating with the local community and contributing to Wisconsin’s economic transformation through this initiative. The Wisconsin State Park, as it is being called, is expected to serve as a key hardware development and solution platform for the emerging 8K+5G ecosystem. It aims to drive innovation across various sectors such as education, healthcare, entertainment, sports, security, and smart communities by promoting advanced manufacturing and vertical integration of industrial chains.
At the same time, Wisconsin Governor Tony Evers and Terry Gou, CEO of Foxconn, signed a $3 billion tax incentive agreement to support future factory expansions. This deal represents the largest tax concession ever offered by a U.S. state to a foreign company. In case Foxconn fails to meet its commitments, it could be required to pay up to 500 million yuan in compensation to the state.
To qualify for the tax incentives, Foxconn must meet strict employment targets over a 15-year period. These include hiring 260 employees in 2018, gradually increasing to at least 13,000 by 2032, while ensuring an average annual salary of $53,875 per employee.
This project not only highlights Foxconn’s growing global footprint but also underscores the strategic importance of the U.S. market in its long-term vision. As the tech industry continues to evolve, initiatives like this are shaping the future of manufacturing and digital ecosystems worldwide.
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