Seeking Alpha

Foxconn won't amend Wisconsin contract - The Verge

|About: Hon Hai Precision Industry ... (HNHAF)|By:, SA News Editor

Foxconn (OTCPK:HNHAF,OTCPK:HNHPD) is refusing to amend its contract for the project it's building in Wisconsin, according to documents viewed by The Verge.

The original plan was to construct a $10B, 22 million-square-foot LCD plant, which was to earn Foxconn a record $4.5B in taxpayer subsidies.

Foxconn has since nixed the LCD plant idea, though it still plans to build some type of facility for some type of work. The details are murky, at best.

Wisconsin officials have warned Foxconn that the current project is too far away from the original deal to receive the subsidies. The contract needs to be amended if Foxconn wants the money.

Officials say Foxconn has "refused by inaction" to amend the deal.

During the contract talks, Foxconn claimed it could apply for the subsidies regardless of what it builds.

Try Seeking Alpha PREMIUM for unlimited analysis on HNHAF