MADISON, Wis. - Foxconn plans to invest $569 million to expand its Racine County operations; a move that is expected to create 1,374 jobs over the next four years.
The announcement comes after the Wisconsin Economic Development Corporation (WEDC) announced on Tuesday, Nov. 25, the approval of a contract amendment providing up to $16 million in additional performance-based tax incentives to Foxconn.
Foxconn investing in Racine County
What we know:
A news release says with this new expansion, Foxconn is eligible to earn up to a total of $96 million in performance-based tax credits under the state’s Electronics, Information Technology, and Manufacturing Zone (EITMZ) program through Dec. 31, 2029.
Under the amended contract, the company will create a total of 2,616 jobs and make a total of $1.2 billion in capital investments during that period.
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Officials said Foxconn is expanding its Wisconsin manufacturing footprint "to meet rising demand from U.S. customers and strengthen domestic supply chains for advancing innovation in data management and resilient, next-generation technological capabilities for the future."
Already invested
What we know:
WEDC has verified that as of Dec. 31, 2024, the company had invested nearly $717 million in its Mount Pleasant operations and created 1,242 jobs, qualifying the company for $62.9 million in tax credits.
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WEDC has verified that in 2024 alone, the company invested $34.5 million in eligible capital expenditures and earned a total of $10.5 million in job creation and capital investment credits.
The Source: Information in this post was provided by Wisconsin Economic Development Corporation and Foxconn.