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

1/31/2019

 
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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.

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  • JOIN
  • Membership
    • The benefits of joining
    • Member directory >
      • Member Spotlights
      • Talent Solutions Directory
    • What we do >
      • Talent >
        • Ranking Milwaukee County Schools
        • Education recommendations
        • Technology Education & Literacy in Schools (TEALS)
        • Career-based learning experiences
      • Growth
      • Livability
      • Equity
      • Peer metro comparison
    • Cost saving programs >
      • Health insurance plan
      • Office supply discount program
    • Events >
      • 2021 All Member Meeting
      • Diversity, Equity & Inclusion Summit
      • Talent Solution Series
      • Emerging Leaders Series
      • Global Business Insights Series
      • Member Orientation
      • Replay: The Business of MKE Series
      • Replay: Race Bridge Series
    • For members only >
      • Fall 2022 Impact Report
      • Sponsorship
      • Advertising
    • Need more info?
  • Networks
    • Leadership Council
    • President's Huddle
    • Executive roundtable program
    • FUEL Milwaukee for young professionals
    • Future 50 Awards Program
    • Networking Forum for referrals
    • Region of Choice Initiative
    • Roundtables for high-growth companies
    • World Trade Association
  • Advocacy
    • 2021-2022 Legislative Scorecard >
      • Senate Votes
      • Assembly Votes
    • Recent Legislative Wins
    • Funding Local Governments
    • Miller Park economic impact study
    • Wisconsin State Legislature
    • K-12 Education Recommendations
  • Economic Development
    • Milwaukee 7 Partnership for Economic Development
    • MKE Venture Mentoring Service
    • Milwaukee Development Corp. >
      • Rebuild & Revitalize Program
    • Milwaukee Urban Strategic Investment Corp. (MUSIC)
    • Milwaukee EB-5 Visa program
    • Starting a business >
      • BizStarts
      • New business planning guide
    • More about Milwaukee
  • Metro MKE
    • 2023 Navigate Business MKE
    • Business outlook survey
    • Economic trends
    • Local media listings
    • Major employers in metro Milwaukee
    • Metro Milwaukee demographics
    • Order a publication
    • Relocating a business
  • About
    • Board of directors
    • Career Opportunities at MMAC
    • Staff
    • Milwaukee Commerce magazine
    • Press releases
    • Members of the media >
      • Recent Media Coverage
    • Scholarships for minority students