Foxconn has reached a new agreement with the state of Wisconsin to reduce the size of its plant after several years of delay in the construction plan.
The deal is expected to allow Foxconn to reduce the size of its unfinished plants and the tax incentives offered by the state government, according to a joint announcement by Foxconn parent Hon Hai (8.66, – 0.07, – 0.74%) group and Wisconsin governor Tony Evers on Monday. The agreement remains to be approved by the Wisconsin Center for economic development, the state’s top business administration, which will hold a meeting on Tuesday to vote on the issue.
The project has been controversial since it was announced in 2017. Foxconn had planned to invest $10 billion, but so far it has fallen far behind the original plan. Foxconn has also attracted criticism from US politicians for receiving huge economic rewards from the local government.