Foxconn announces its intention to buy BMO Harris Bank in Capital Square

Foxconn announces its intention to buy BMO Harris Bank in Capital Square

Foxconn announces its intention to buy BMO Harris Bank in Capital Square

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MADISON, Wisconsin – Foxconn announced Friday afternoon that the company would relocate to Madison. Dr. Allen Young, director of the company's US strategic initiatives, announced the acquisition of BMO Harris Bank located on West Main Street.

The building was built in 1923 and called it a feature of Madison. It's six floors and covers about 60,000 square feet. David Casper, chairman and chief executive officer of BMO Harris Bank, said the bank will have to reorganize certain items for Foxconn to install.

Casper said the decision was "thoughtless", but that agreement is still imminent.

He said that all the details had not yet been negotiated, but he was confident that they would reach an agreement.

Neither Young nor Casper wanted to know how much this deal would be made and how many floors Foxconn would buy in the building.

Casper said the bank would still operate on the first floor of the building and would still employ the 100 people currently working there.

Foxconn already has facilities in Racine, Green Bay, Milwaukee and Eau Clare.

The company has already been scrutinized by people who say that all the buildings they bought are empty. When asked to respond to rumors about the building, Young said, "Thank you for your concern about these empty buildings, I can assure you that they are not empty. that people climb trees and look at us We make no effort to acquire buildings and leave them empty.We have a plan, we want to make sure that the buildings are adequate and well equipped before moving in. "

Journalists who attended Friday's press conference asked Casper if he feared his building would become one of the empty buildings mentioned in the deal, and he replied, "Look, they would not do it if they did not. had no plan am confident that they are doing it. "

Foxconn is also partnering with the University of Wisconsin-Madison on this agreement. The company pledged $ 100 million to the school for a new campus research initiative at their engineering school. Dr. Young said he hoped to engage faculty and university students in what will be the largest industrial research project in the history of UW.

"Foxconn Place Madison will increase opportunities for our students and spur technological advances with our faculty and researchers, and we are delighted that this is becoming a reality," said Charlie Hoslet, UW Madison Vice Chancellor Academic Relations.

Hoslet also said the school would begin an additional $ 100 million sub-campaign to further support the school's research and advances in science and technology.

Although Young was not able to provide a schedule for the BMO Harris Bank property projects, he said the production at the Mount Pleasant location would be operational. here the end of 2020.

Young said that there would be more announcements on the progress of Foxconn's plans in the coming months.

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