Foxconn chairman Terry Gou is intent on building Group’s international footprint, according to Bloomberg. The world’s largest maker of iPhones is readying $10 billion or more of investment across several U.S. states, starting with a decision by July on the location for a $7 billion display-making plant.
The founder of Foxconn, whose main listed arm is Hon Hai Precision, is now weighing the pros and cons of locating the factory in one of several U.S. states, including Wisconsin. Taiwan’s richest man said he’d been in dialog with the White House and various state governors, one of whom called him moments before he kicked off shareholders meeting. A cutting-edge plant in the Midwest would mark a victory for President Trump and his effort to bring jobs back to America.
“Our investment in the U.S. will focus on these states because they are the heart of the country’s manufacturing sector,“ he told investors. “We are bringing the entire industrial chain back to the traditional manufacturing region of the U.S. That may include display making, semiconductor packaging and cloud-related technologies,“ Gou told reporters later, without elaborating. He said the plant could be in Ohio, Pennsylvania, Michigan, Illinois, Wisconsin, Indiana or Texas. The company could end up creating “tens of thousands“ of American jobs, Gou said without specifying a timeframe for the $10 billion in investment.
Hon Hai, the world’s largest manufacturer of consumer electronics, has steadily expanded production outside of its main base in China and also invested in new spheres of technology. Gou promised investors he’ll continue the pursuit of Toshiba’s prized memory chip unit, even though it had never been among the frontrunners and the Japanese company’s stated its clear preference for a bid led by Bain Capital and local government-backed companies. “The Toshiba deal isn’t over. It is similar to Sharp’s story,“ Gou said. “I believe we still have a big chance.“
Gou promised to ramp up investment in the U.S., possibly helping with a rust-belt economic revival. Dubbed “Flying Eagle,“ Foxconn’s plan to build a U.S. facility could create tens of thousands of American jobs during Trump’s first year in office. The company is considering a joint investment with Sharp, but details have yet to be hammered out.
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