New Report Shows Foxconn Not Meeting Asset Value Promises
Pete Serzant, WLIP News
KENOSHA, WI—New documents show that in 2019 the Foxconn property fell short of the value promised by the company.
While the valuation of 522 million dollars is already more than all the manufacturing value in Racine County, it’s still well short of the promised 1-point-4 billion dollar valuation promised by the company, to be reached by New Year’s Day 2023.
The valuation is determined by the estimated worth of buildings already on the site and those planned for the future.
Of the assets considers, the largest is the main plant worth 400 million dollars.
Foxconn will have to create around 878 million dollars worth of value in Wisconsin over the next three years to meet their promised goals.