AWESOME NEWS! Foxconn is going to make TV’s in the USA! Investing 7 billion in manufacturing in USA.
Foxconn, the world’s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion, company chairman and chief executive Terry Gou said on Sunday.
The plans come after U.S. President Donald Trump pledged to put “America First” in his inauguration speech on Friday, prompting Gou to warn about the rise of protectionism and a trend for politics to underpin economic development.
Foxconn’s proposal to build a display plant, which would be planned with its Sharp Corp <6753 .t=""> unit, depend on many factors, such as investment conditions, that would have to be negotiated at the U.S. state and federal levels, Gou told reporters on the sidelines of a company event.6753>
Gou said that Foxconn, formally known as Hon Hai Precision Industry Co <2317 .tw="">, had been considering such a move for years but the issue came up when Foxconn business partner Masayoshi Son, head of Japan’s SoftBank Group Corp <9984 .t="">, talked to Gou before a December meeting Son had with Trump.9984>2317>
In the early 1950’s, more than 90 American companies made television sets. Today, the last American-owned television manufacturer, the Zenith Electronics Corporation, gave up its battle to survive on its own and agreed to sell a controlling interest to a South Korean industrial giant.
LG Electronics Inc., the South Korean manufacturer whose products sell under the Goldstar name, announced with Zenith that it would lift its stake in that company to 57.7 percent from the current 3.8 percent. It will gain control by paying $10 a share, or more than $350 million, for a combination of newly issued and existing Zenith common stock.
Zenith, which is based just north of here in Glenview, was founded in 1918 as a radio manufacturer and in the years after World War II fought for leadership in the television industry against rivals like RCA, General Electric, Magnavox, and Motorola.