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4-Traders Homepage  >  Equities  >  TAIWAN STOCK EXCHANGE  >  Hon Hai Precision Industry Co., Ltd.    2317   TW0002317005

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Wisconsin board clears way for $3 billion Foxconn deal

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11/09/2017 | 04:22am CEST
FILE PHOTO - The logo of Foxconn on top of the company's headquarters in New Taipei City Taiwan

(Reuters) - Wisconsin's economic development agency on Wednesday approved a $3 billion (2.29 billion pounds) incentives package for Taiwan-based Foxconn to build a massive liquid-crystal display plant in the state, Governor Scott Walker said.

The vote by the Wisconsin Economic Development Corporation clears a final hurdle for the controversial deal, in which Foxconn (>> Hon Hai Precision Industry Co., Ltd.) hopes to open a $10 billion plant in 2020 at a 1,000-acre site in southeastern Wisconsin.

Foxconn, formerly known as Hon Hai Precision Industry Co Ltd, is a major supplier to Apple Inc (>> Apple) for its iPhones.

"WEDC's board approved the deal with Foxconn. Wisconsin is ready to welcome the world’s largest electronics contract manufacturer to Wisconsin and the United States!," Walker said on Twitter.

The governor told local media he intends to sign the incentive package, which was approved by the Republican-controlled state Assembly in August, at a ceremony with the company's chief executive officer on Friday.

Walker ordered the legislature into special session in August to consider the incentives package, which would award Foxconn $3 billion over 15 years in mostly cash incentives.

The 20-million-square-foot LCD plant would initially employ 3,000 people, but Walker and Foxconn said the company could ultimately employ 13,000 at the site.

Proponents have touted the project's investment potential and job creation, including an expected 22,000 ancillary and 10,000 construction jobs.

Critics, including some Democrats, have attacked the plan as corporate welfare, too expensive, rushed and potentially harmful to the environment.

(Reporting by Dan Whitcomb in Los Angeles)

Stocks mentioned in the article
ChangeLast1st jan.
APPLE -1.03% 188.84 Delayed Quote.13.00%
FOXCONN TECHNOLOGY CO LTD --End-of-day quote.
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Financials ( TWD)
Sales 2018 4 760 B
EBIT 2018 154 B
Net income 2018 128 B
Finance 2018 156 B
Yield 2018 4,03%
P/E ratio 2018 11,18
P/E ratio 2019 10,31
EV / Sales 2018 0,28x
EV / Sales 2019 0,25x
Capitalization 1 473 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 96,8  TWD
Spread / Average Target 14%
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Managers
NameTitle
Terry Gou Chairman & Chief Executive Officer
Te Tsai Huang Chief Financial Officer
Chao-An Chou Manager-Central Information
Jui Hsia Wan Member-Supervisory Board
Fang Ming Lu Director & Deputy General Manager
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