Dive Brief:
- Electronics component manufacturer Foxconn is investing an additional $569 million to expand its operations in Mount Pleasant, Wisconsin, the company announced Wednesday.
- The investment will create 1,374 jobs over the next four years and help Foxconn build out its artificial intelligence infrastructure, according to the press release. Foxconn, known as Hon Hai Technology Group in Taiwan, is a prominent supplier of Apple components.
- The money will also help Foxconn address the increasing demand for data servers from its U.S. customers, as well as strengthen the company’s supply chain to support innovations in data management and new technological capabilities.
Dive Insight:
Foxconn amended its contract with the Wisconsin Economic Development Corp. for the second time, with the modified deal providing up to $16 million in additional performance-based tax incentives, according to the regional agency’s press release.
Under the modified contract, Foxconn pledged to create 2,616 jobs and make a total of $1.2 billion in capital investments through Dec. 31, 2029.
The Taiwan-based company initially announced in 2017 that it was establishing a manufacturing facility and committed to investing $10 billion and creating 13,000 jobs…