After more than three years of grandiose promises and missed deadlines, Foxconn and Wisconsin have agreed to amend their contract to reflect the reality of a much-diminished project. Under the amendment, which was approved by the Wisconsin Economic Development Corporation (WEDC) today, the company will receive vastly smaller tax subsidies in exchange for greater flexibility about what business it ultimately pursues in the state.
Foxconn had originally promised to build an enormous LCD factory employing 13,000 workers and costing $10 billion. With the amendment, it now says it will employ a total of 1,454 people and invest $672 million. In return, the tax subsidies the company is eligible for have been slashed, from $2.85 billion to $80…