Foxconn, UW-Madison sign $100 million agreement

MADISON, Wis. (AP) -- Foxconn Technology Group says it will invest $100 million in engineering and innovation research at the University of Wisconsin-Madison.

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 CEO Terry Gou and UW-Madison Chancellor Rebecca Blank signed an agreement that also calls for Foxconn and the university to create a science and technology institute on the UW-Madison campus.

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

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 says the plant could cost up to $10 billion and eventually employ 13,000 people.