Foxconn slashes US state investment to US$672m from US$10b, and cuts jobs from 13,000 to 1,454

Business | 21 Apr 2021 10:46 am

Taiwanese contract electronics manufacturer Foxconn, formally called Hon Hai Precision Industry Co, will scale back its planned investment in a Wisconsin plant, under an agreement announced with the state's governor on Tuesday.

Wisconsin will reduce its tax credits authorized for the project from US$2.85 billion to US$80 million as Foxconn reduces its planned investment from US$10 billion to US$672 million and cuts the number of jobs planned from 13,000 to 1,454, Governor Tony Evers said in a statement.

The investment was first announced at the White House in July 2017, when Donald Trump was president.



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