FOXCONN RESPONDS TO DEMAND
Last week, the Wisconsin Economic Development Corporation’s Board of Directors approved a contract amendment that allows up to an additional $16 million in performance-based tax incentives for Foxconn’s planned expansion in Racine County. The global electronics manufacturer’s initial $10 billion investment in the region succumbed to the challenges of a changing marketplace, which ironically is the exact driver behind the company’s new $569 million investment. The expansion will allow Foxconn to produce artificial intelligence infrastructure at its Mount Pleasant operations, targeting rising customer demands in the U.S. while strengthening the nation’s supply chain. “As the demand for more data infrastructure continues to rise, Foxconn will keep responding to our customers’ needs with flexibility and at scale in the United States,” said Foxconn Chief Product Officer Jerry Hsiao. “Wisconsin accounts for close to a fourth of our workforce in America, and this second- stage project will double that presence in the state by the end of this decade.” More than 1,370 jobs will be created in the region over the next four years.
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A LIFE-SAVING REDEVELOPMENT
Regeneron Pharmaceuticals previously announced a $7 billion investment into its U.S. operations in North Carolina and New York, and one planned project is now taking off. Last week, New York Governor Kathy Hochul announced that the company would be investing $2 billion in Saratoga Springs, having acquired the site of Quad Graphics’ former magazine printing factory in April 2025. The over 1-million-sq.-ft. site will be reconstructed into a facility that will manufacture drugs for infectious diseases and cancer. “As Regeneron continues to drive forward our mission of using the power of science to bring forward life-changing medicines, we can improve the lives of those in New York and around the world,” said Regeneron CEO Leonard Schleifer. “In this pursuit, we look forward to continuing to fuel economic development and create meaningful, well-paying jobs that strengthen communities across the state.” The new facility, located just under three hours north of the company’s HQ in Tarrytown, is set to create 1,000 new jobs once operational. Empire State Development will support Regeneron’s project with up to $35 million in performance-based Excelsior Jobs Program tax credits.
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MODERNIZED FOR THE FUTURE
In support of General Motors’ growing production operations in Michigan, Tennessee and Kansas, following a $4 billion project sweep announced earlier this year, the automotive giant has announced a new investment in Ohio. Heading to the company’s Parma Metal Center, a $250 million expansion investment will enable increased production capacity and support a robust domestic supply chain. Sheet metal stamping and assemblies production at Parma Metal Center will directly support General Motors’ regional manufacturing locations, which are leading the production of future internal combustion engine (ICE) and EV vehicles. Currently, the Parma plant produces more than 100 million parts each year, processing 400 tons of steel each day. “Our commitment to Parma Metal Center isn’t just about upgrading equipment — it’s about investing in the people who make it all happen,” said General Motors SVP of Global Manufacturing Mike Trevorrow. “Our manufacturing teams are the driving force behind GM’s success, and we’re committed to giving them the tools and training they need to excel in today’s advanced manufacturing world.”
Reports compiled and written by Alexis Elmore
