Foxconn plant project gets scaled back
Foxconn's groundbreaking deal to build a plant in Wisconsin — with record incentives to match — is being massively scaled back.
The big picture: The new contract with the state says the company no longer has to build an LCD facility to be eligible for the smaller subsidies, The Verge reports.
- The deal — which was met with skepticism— was announced by former President Trump and former Republican Gov. Scott Walker in 2017, per Reuters.
Then: The electronics maker promised 13,000 jobs and up to $10 billion in investment by 2032. In return, Wisconsin would have granted it as much as $2.85 billion in incentives.
Now: It's 1,454 jobs, with a $672 million investment by 2026. The state will now offer a maximum of $80 million if it meets those targets.
Why it matters: The planned 20 million-square-foot factory was "heralded as transformational for the state's economy" by Walker and Trump, the Milwaukee Journal Sentinel reports.