Foxconn, state reach agreement on incentives for new manufacturing campus
The state of Wisconsin and the Foxconn Technology Group have reached agreement on a contract to provide up to $2.85 billion in state income tax credits to the company to support the development of a world-class advanced display manufacturing campus in Racine County, expected to create 13,000 new jobs in the region.
“This is a once-in-a-lifetime opportunity for Wisconsin, and this agreement provides Foxconn with the incentives the company needs to move forward with this significant investment while at the same time fully protecting the interests of Wisconsin taxpayers,” Governor Scott Walker said. “With this contract in place, Foxconn will now move forward with creating a campus that will truly transform Wisconsin’s economy and will have positive ripple effects in every region of the state.”
The campus will lay the foundation for an 8K+5G ecosystem that Foxconn is creating in Wisconsin and the United States. It will manufacture the world’s most advanced large-sized LCD panels, which will be used in a wide range of technologies from the latest generation televisions to self-driving cars and aircraft systems and in the fields of education, entertainment, healthcare, advanced manufacturing systems, office automation, interactive retail and safety.
Under the terms of the 15-year contract, Foxconn, the world’s largest electronics manufacturing services provider and one of the four largest technology companies in the world, agrees to invest up to $10 billion and create up to 13,000 jobs at its campus in Mount Pleasant. In return, the state will provide up to $1.5 billion in job creation tax credits and $1.35 billion in capital investment credits.
Kwik Trip announces $300 million expansion in La Crosse
Kwik Trip Inc., which owns and operates more than 600 retail convenience stores in Wisconsin, Minnesota and Iowa, announced a $300 million capital investment project that will enable the growing company to meet its capacity needs for the foreseeable future.
Plans call for investing $113 million in a new 200,000-square-foot bread and bun production facility, and multimillion expansions and improvements in its dairy manufacturing facility, kitchen operations and transportation fleet. The projects will support the family-owned company’s plans to open 40 to 50 new stores annually, including a significant number in Wisconsin. In order to reach the goal, the company needs to make significant investments in its buildings, equipment and employees at its La Crosse support center and production facilities.
The project is expected to create more than 300 jobs in the La Crosse area over the next five years. Construction of the new bakery is expected to be completed by late fall of 2018.
To help secure the company’s investment in Wisconsin, WEDC has authorized Kwik Trip to receive up to $21 million in state income tax credits over the next five years.
WEDC urges communities to apply for Idle Sites, Certified Sites programs
WEDC is offering two programs for municipalities, counties and other entities seeking ways to spur economic development.
The Idle Sites Redevelopment Program offers Wisconsin communities grants of up to $500,000 for implementation of redevelopment plans for large industrial or commercial sites that have been idle, abandoned or underutilized for at least five years. Cities, villages, towns, redevelopment authorities, community development authorities or other government entities with idle industrial sites of 5 acres or more or commercial properties of 10 acres are eligible for the program. For more information, visit inwisconsin.com/idlesites.
The Certified In Wisconsin® Program, offered in partnership by WEDC and Deloitte Consulting, designates industrial parcels of 20 acres or more as ready for industrial development. Certified Site designation indicates that a wide range of concerns have been considered—environmental and geological factors, transportation access, utility and infrastructure capacity, zoning, property rights—and provides potential tenants with all the information needed to make quick decisions about whether that site is right for their needs.
WEDC will begin formally accepting applications for the Certified in Wisconsin Program in January, but those interested in learning more can visit certified.inwisconsin.com or contact Coleman Peiffer at firstname.lastname@example.org.
Molson Coors to open regional global business services center in Milwaukee
Molson Coors Brewing Company, the parent company of MillerCoors, is expanding its operations in Milwaukee by opening a global business service center to support its operations throughout North America.
The new center, expected to employ about 150 people when fully operational, will be located at the MillerCoors Miller Valley Campus on the city’s west side.
Molson Coors selected Milwaukee as the regional site for the multi-function service center that will support the company in areas such as finance and accounting, human resources and procurement. The regional global business service center also will enhance workforce planning and career development for employees.
To help secure the company’s investment in Milwaukee, the WEDC has authorized Molson Coors to receive up to $1.7 million in state income tax credits over the next four years and has awarded the company a workforce training grant of up to $750,000.
Brakebush Brothers Inc. expanding operations in Marquette County
Brakebush Brothers Inc., a leading processor of poultry products, is expanding its operations in Marquette County to meet the growing demand for its products. The company expects to create more than 200 jobs and invest $86 million for the expansion of its production facilities in Westfield.
Brakebush, a family-owned company that produces more than 200 processed chicken products for restaurants, schools, healthcare facilities, colleges and universities and convenience stores nationwide, is adding a new production line at its Westfield facility. The project will accommodate the company’s current and future growth in existing and emerging markets.
WEDC is supporting the project by providing up to $6.5 million in state income tax credits over the next five years. The actual amount of tax credits Brakebush will receive is contingent upon the number of jobs created, the amount of capital investment and the amount spent on employee training during that period.