‘An historic moment’: Foxconn to invest $100 million in UW-Madison

Among the largest gifts in university history
‘An historic moment’: Foxconn to invest $100 million in UW-Madison

Foxconn Technology Group said it will invest $100 million in engineering and innovation research at the University of Wisconsin-Madison.

“This is an historic moment, not only for the University of Wisconsin and for Foxconn but I hope for the entire state of Wisconsin,” said UW-Madison Chancellor Rebecca Blank.

The deal announced Monday is one of the largest gifts in the university’s history and comes as the Taiwan-based electronics giant builds its first North American factory in southeastern Wisconsin.

#Foxconn Technology Group announces plans to invest $100 million in engineering and innovation research at @UWMadison. #news3 pic.twitter.com/cpophiPseg

— Rose Schmidt (@RoseSchmidtTV) August 27, 2018

Foxconn CEO Terry Gou and Blank signed an agreement that calls for Foxconn and the university to create the Foxconn Institute for Research in Science and Technology, or FIRST. The science and technology institute will have its main location at the Wisconn Valley Science & Technology Park in Racine County and will have an off-campus presence in Madison.

“We look at ourselves that we want to be a long term community member of Wisconsin, the state of Wisconsin. We see ourselves as an enabler of talent,” said Louis Woo, special assistant to the CEO of Foxconn Technology Group.

Blank said the $100 million deal is the largest industry research partnership in the school’s history.

“We’re two very different institutions, but we share a deep commitment to pushing the boundaries of knowledge through interdisciplinary work. This is the type of work that accelerates discovery so that life changing innovations move more quickly from the lab into the workplace, creating jobs and helping drive Wisconsin’s economy,” Blank said.

Foxconn is the world’s leading electronics manufacturer. It chose Wisconsin for its first plant outside of Asia after receiving generous incentives from the state. Foxconn said the plant could cost up to $10 billion and eventually employ 13,000 people.