WEDC Approves Foxconn Deal

Excellent. And the guarantee from Gou is icing on the cake.

The WEDC board approved the deal, 8-2, after protesters shouted at the agency’s directors as they voted to go into a private session. The pair of no votes came from state Sen. Tim Carpenter (D-Milwaukee) and Rep. Dana Wachs (D-Eau Claire), who is running in the Democratic primary for governor.

Gov. Scott Walker and Foxconn’s billionaire founder Terry Gou will sign the 29-page contract Friday afternoon at SC Johnson with U.S. Speaker of the House Paul Ryan of Janesville on hand. 

Coming after critics pounded an initial deal with Foxconn Technology Group of Taiwan, the state’s final contract with the company includes greater requirements for job creation and calls for Foxconn and Gou to stand behind those job requirements to the tune of up to $500 million or more.

Wisconsin Economic Development Corp. head Mark Hogan said the Walker administration had always planned on tougher job requirements and didn’t add them in response to criticism. Hogan touted the personal guarantee from Gou as “highly unusual” but declined to say when the state had first asked Gou for it.

“It really speaks to the level of commitment and confidence that he has that this is going to be a great investment not just for him but for the state of Wisconsin,” Hogan said of Gou. 

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