Wisconsin small businesses have gotten great news recently as one of Taiwan’s biggest companies, Hon Hai Precision Industry Co., Ltd. (traded as Foxconn Technology Group) is currently building a new LCD manufacturing facility in the state. With the new location, the company announced that it plans on spending $1.4 billion a year in the state of Wisconsin.
Foxconn is the world’s largest contract electronics manufacturer with total revenue for 2016 exceeding $130 billion USD. With so much money set to hit the state, suppliers from around the area are looking to position their business to take advantage of the new opportunities. Keenan Grenell, director of the Milwaukee-based Manufacturing Diversity Institute (MDI), is trying to make sure that minority owned firms are ready to take part in the upcoming business opportunities as well.
According to Grenell, “MDI is working to ensure new training regimens are taking place at Gateway Technical College, Waukesha Technical College and Milwaukee Area Technical College to connect underserved communities to training facilities.” In the end, its up to each company to adopt new technology to stay competitive in the new market.
With a foreign company entering the state, bottom line matters more than anything, and if minority led firms are unable to adapt to the change in process and culture when doing business with Foxconn they will not succeed.