Foxconn of Taiwan announced that it has received regulatory approval to invest another $569 million in Wisconsin to address increasing demand for AI servers.

The plan to expand operations at Foxconn's facility in Racine County was approved by the Wisconsin Economic Development Corporation (WEDC), as stated by the world's largest contract electronics manufacturer.

The growth will concentrate on the AI server sector, which Foxconn stated would enhance domestic supply chains in the US.

"With the increasing need for enhanced data infrastructure, Foxconn will maintain its responsive approach to customer requirements with adaptability and large-scale operations in the United States," stated Foxconn's chief product officer, Jerry Hsiao.

Hsiao mentioned that Wisconsin represents almost 25percent of the company's US employees, and the recent investment aims to double its footprint in the state by 2030, resulting in 1,374 new job opportunities.

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Foxconn, officially referred to as Hon Hai Technology Group, announced it has invested over $2 billion in Wisconsin in recent years through payroll, capital investments, and taxes.

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Hon Hai Precision Industry Co., Ltd., known as Foxconn Technology Group, is a global electronics contract manufacturing firm based in Tucheng, New Taipei, Taiwan. Currently, it is the largest contract electronics producer globally and ranks as the fourth-largest information technology firm by revenue.

The firm is the biggest private employer in Taiwan and ranks among the largest employers globally. The founder and chairman of the company is Terry Gou. Foxconn produces electronic devices for leading firms in the United States, Canada, China, Finland, and Japan.

 

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Prominent items produced by Foxconn consist of the BlackBerry, iPad, iPhone, iPod, Kindle, Nokia gadgets, PlayStation 4, Wii U, and Xbox One. By 2012, it was estimated that Foxconn factories produced around 40percent of all consumer electronics available globally.