Economy

Apple Producer Foxconn Looking at Wisconsin, Michigan for $10 Billion Investment

Apple Producer Foxconn Looking at Wisconsin, Michigan for $10 Billion Investment

The Wall Street Journal said Monday that Foxconn Technology Group could announce its USA investment plans this week and implied the company will build a display-panel factory in Wisconsin.

Taiwan-based manufacturer Foxconn is preparing to build a US$7bn factory in Wisconsin, the Wall Street Journal (WSJ) reported on Monday. A final decision hasn't been made, but the company is contemplating an event in Washington, D.C., or Wisconsin to announce a decision as soon as this week.

Foxconn, formally known as Hon Hai Precision Industry Company, will likely expect a lucrative package of incentives from the state if it locates the plant here. For those unfamiliar, Foxconn is one of Apple's main manufacturers of the iPhone, but whether or not this expansion will be for Apple's benefit remains to be seen.

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During a visit to Milwaukee on Monday, House Speaker Paul Ryan was asked about whether he had any insight on the report. It employs about 1 million people across China who make and assemble smartphones and other devices for brands like Apple, Samsung, Sony and BlackBerry.

Governor Scott Walker is under a nondisclosure agreement with Foxconn.

In an emailed statement, Foxconn said it was reviewing "potential locations for establishing manufacturing facilities in the US", but declined to name them.