Metropolitan Milwaukee Association of Commerce | Milwaukee, WI 53202
  • Membership
    • Gain visibility >
      • Advertising
      • Event Sponsorship
      • Lead generation
    • Grow & strengthen your biz >
      • Executive roundtable program >
        • Roundtable News
      • Food and beverage manufacturers
      • Focus on the Future Awards
      • Future 50 Awards >
        • Future 50 winner archive
      • Leadership Council
      • International >
        • Global Business Insights series
        • Wisconsin International Trade Conference
        • Benefits of WTA membership >
          • Join WTA now
        • WTA member directory
        • WTA events
        • Volunteer leadership
      • Roundtables for high-growth companies
      • Small business >
        • Council of Small Business Executives
      • Young professionals
    • Improve the business climate
    • Invest in our community
    • Cost Savings programs >
      • Certificates of origin
      • Health insurance plan
      • Office supply discount program
    • Join now
    • Request More Information
    • Members only >
      • Member Orientation
      • Submit an event
      • Submit news about your company
      • Update email preferences
      • Promote your MMAC membership
  • Events
    • MMAC event calendar
    • Event photos >
      • 2020 Golf Outing
    • Community events calendar
    • Submit an event
    • Sponsorship
    • 2019 MMAC All Member Meeting
  • Talent Pipeline
    • Ranking Milwaukee County Schools
    • Education recommendations >
      • Supportive policies
      • Quality schools
      • Effective Educators
      • Community engagement
    • Grow your talent pipeline >
      • Business tours for students
      • Career-based learning
      • Manufacturing CAREERx
      • Technology Education & Literacy in Schools (TEALS)
    • Attracting & retaining young professionals
    • Professional development
  • Equity
    • Region of Choice initiative >
      • ROC: Improve the recruitment, retention & advancement
      • ROC: Increase educational attainment & career development opportunities
      • ROC: Support wealth creation of Black & Brown businesses
      • ROC Background & Data
      • ROC FAQs
  • Advocacy
    • Miller Park economic impact study
    • Legislator voting records
  • Economic Growth
    • Attracting & retaining businesses
    • Food & beverage cluster
    • Milwaukee Development Corp. >
      • Rebuild & Revitalize Program
    • Milwaukee EB-5 Visa program
    • Milwaukee Urban Strategic Investment Corp. (MUSIC)
    • Metro Milwaukee reports
    • Starting a business >
      • BizStarts
      • New business planning guide
  • About the Region
    • 2021 Navigate Business MKE
    • Benchmarking metro MKE
    • Business outlook survey
    • Economic Trends
    • Local media listings
    • Major employers in metro Milwaukee
    • Metro Milwaukee demographics
    • Order a publication
    • Relocating a business
  • About MMAC
    • Board of directors
    • Contact us
    • Members of the media
    • Publication archive >
      • News Archive
      • Press Releases
      • Milwaukee Commerce magazine
    • Scholarships for minority students
    • Staff
  • Member Directory
    • Member Spotlights
  • Member Login
  • COVID-19 Resources
    • Health & Safety Toolkit >
      • Vaccine Toolkit for Employers
      • Vaccine FAQ
      • Employer Outbreak FAQs
      • Testing FAQs
      • Preparing for the 2nd wave
      • Health & Safety Checklist
    • Business Strategies webinars

Foxconn: a work in progress – from MMAC President Tim Sheehy

1/31/2019

 
Picture
MMAC President Tim Sheehy
Yesterday you may have seen a number of news reports related to the Foxconn development, including: “Foxconn Reconsidering Plans to make LCD panels in Wisconsin.” This and other headlines related to Foxconn's plans understandably caught a lot of attention. As reported, some comments made by Louis Woo, Special Assistant to Foxconn Chairman Terry Gou, looked like a sharp deviation from what had been expected: “In terms of T.V., we have no place in the U.S., we can’t compete...”
 
Louis has communicated with me and stated in subsequent news reports that Foxconn has not shelved its commitment to invest in Wisconsin. He did note that due to the dynamics of their industry, the company is considering which thin-film-transistor technology to build in Wisconsin.

We are aware of the evolving dynamics and the changing nature of the employment mix on the Foxconn campus -- more engineering and design talent, and fewer “plant floor” jobs. Foxconn is an innovative company on the leading edge of a rapidly-changing industry, so it’s natural for their plans to evolve. We want Foxconn’s investment in Wisconsin to be successful, both for the Milwaukee Region and for them. As I’ve said before, you wouldn’t want to host the grand opening of a brand-new buggy-whip factory at the moment the first automobile rolls off of someone else’s assembly line.

It's important to note that the Foxconn/Wisconsin incentive contract remains intact, with job totals and capital investments driving the amount and type of incentives. The local infrastructure costs, including borrowing, are covered in a TIF contract, which earmarks property tax revenue from increases in assessed values on the local land. The contract stipulates, “If for any reason, Foxconn’s investment on the campus falls short, the company remains obligated to a minimum valuation of $1.4B, which will more than pay for all public improvement and development costs.”

To date, Foxconn has invested over $200M, and purchased properties in Milwaukee, Green Bay, and Racine. In addition, Foxconn has helped launch a $100M venture fund and made a $100M commitment to UW-Madison. We continue to support a successful Foxconn investment and will work to keep you updated on this important project.
 
Tim Sheehy
President of Metropolitan Milwaukee Association of Commerce

Picture
Following yesterday's Reuters story, Foxconn issued the following statement:
“Foxconn will be moving forward with plans to build an advanced manufacturing facility in Wisconsin”
- Foxconn
Greg Hatt
1/31/2019 12:29:53 pm

Anyone who naively embraced Foxconn's promises about manufacturing flat screen technology in Wisconsin doesn't know that market and hasn't looked at Foxconn's checkered history. $4 billion in incentives? Again, those who think we couldn't have found better ways to invest in the business future of our state (e.g., which ranks dead last in start-ups in the U.S.) hasn't looked very hard. And now the Republican legislature is blaming Tony Evers election for Foxconn's recent change of plans! How about taking accountability for making a very expensive and uninformed decision.

MMAC
2/6/2019 12:28:30 pm

Thank you for your feedback.

Drew
1/31/2019 12:31:27 pm

This view is sugar coated. We have no teeth to force Foxconn to live up to their promises.

A high tech research hub is fine, that will add a few thousand jobs tops. That is massive deviation from a huge manufacturing operation that would support additional vendor commerce in the area.

You can get a 50" TV for $200 who ever believed the company could be competitive manufacturing these commodity products here?! They didn't!

They talk about 5G and 8k but once the tech is proven the volume manufacturing will be done in China were they have 50% available capacity and labor at a fraction of the cost. This deal has greatly diminished luster without the real manufacturing.

MMAC
2/6/2019 12:29:21 pm

Thank you for your giving us your feedback.

James
2/3/2019 08:06:50 pm

The United States Congress won't give Trump $4B or $5.7B for a wall but the State of Wisconsin gifts this company with a history of not delivering $4.3B. Complete stupidity. I sure hope the voters of this state wise up.

MMAC
2/6/2019 12:29:59 pm

We appreciate your feedback on this issue.


Comments are closed.


    News Categories

    All
    Action Alert
    Education/Workforce
    International
    M7 Partnership
    Milwaukee Commerce
    MMAC Insider
    Press Releases
    Take 10 Interview Series


    >>Click here to manage your email preferences
Copyright © 2021 Metropolitan Milwaukee Association of Commerce.  All rights reserved.
275 W Wisconsin Ave., Ste. 220 | Milwaukee, WI 53203  |  Tel 414/287-4100 | Fax 414/271-7753 | info@mmac.org
Privacy Policy
  • Membership
    • Gain visibility >
      • Advertising
      • Event Sponsorship
      • Lead generation
    • Grow & strengthen your biz >
      • Executive roundtable program >
        • Roundtable News
      • Food and beverage manufacturers
      • Focus on the Future Awards
      • Future 50 Awards >
        • Future 50 winner archive
      • Leadership Council
      • International >
        • Global Business Insights series
        • Wisconsin International Trade Conference
        • Benefits of WTA membership >
          • Join WTA now
        • WTA member directory
        • WTA events
        • Volunteer leadership
      • Roundtables for high-growth companies
      • Small business >
        • Council of Small Business Executives
      • Young professionals
    • Improve the business climate
    • Invest in our community
    • Cost Savings programs >
      • Certificates of origin
      • Health insurance plan
      • Office supply discount program
    • Join now
    • Request More Information
    • Members only >
      • Member Orientation
      • Submit an event
      • Submit news about your company
      • Update email preferences
      • Promote your MMAC membership
  • Events
    • MMAC event calendar
    • Event photos >
      • 2020 Golf Outing
    • Community events calendar
    • Submit an event
    • Sponsorship
    • 2019 MMAC All Member Meeting
  • Talent Pipeline
    • Ranking Milwaukee County Schools
    • Education recommendations >
      • Supportive policies
      • Quality schools
      • Effective Educators
      • Community engagement
    • Grow your talent pipeline >
      • Business tours for students
      • Career-based learning
      • Manufacturing CAREERx
      • Technology Education & Literacy in Schools (TEALS)
    • Attracting & retaining young professionals
    • Professional development
  • Equity
    • Region of Choice initiative >
      • ROC: Improve the recruitment, retention & advancement
      • ROC: Increase educational attainment & career development opportunities
      • ROC: Support wealth creation of Black & Brown businesses
      • ROC Background & Data
      • ROC FAQs
  • Advocacy
    • Miller Park economic impact study
    • Legislator voting records
  • Economic Growth
    • Attracting & retaining businesses
    • Food & beverage cluster
    • Milwaukee Development Corp. >
      • Rebuild & Revitalize Program
    • Milwaukee EB-5 Visa program
    • Milwaukee Urban Strategic Investment Corp. (MUSIC)
    • Metro Milwaukee reports
    • Starting a business >
      • BizStarts
      • New business planning guide
  • About the Region
    • 2021 Navigate Business MKE
    • Benchmarking metro MKE
    • Business outlook survey
    • Economic Trends
    • Local media listings
    • Major employers in metro Milwaukee
    • Metro Milwaukee demographics
    • Order a publication
    • Relocating a business
  • About MMAC
    • Board of directors
    • Contact us
    • Members of the media
    • Publication archive >
      • News Archive
      • Press Releases
      • Milwaukee Commerce magazine
    • Scholarships for minority students
    • Staff
  • Member Directory
    • Member Spotlights
  • Member Login
  • COVID-19 Resources
    • Health & Safety Toolkit >
      • Vaccine Toolkit for Employers
      • Vaccine FAQ
      • Employer Outbreak FAQs
      • Testing FAQs
      • Preparing for the 2nd wave
      • Health & Safety Checklist
    • Business Strategies webinars