WAUSAU — In addition to its planned $10 billion investment in the Wisconn Valley manufacturing campus in Mount Pleasant and after planning for facilities in Milwaukee, Green Bay and Eau Claire, Foxconn also is investing in Wisconsin ginseng in the Wausau area.
Foxconn Health Technology Business Group on Tuesday signed a strategic cooperation agreement with the Ginseng Board of Wisconsin and Hsu’s Ginseng, based in Wausau, to jointly develop Wisconsin’s ginseng industry and grow Foxconn’s newly established Wisconsin-based ginseng brand, Hong Seng. Wisconsin Gov. Scott Walker witnessed the signing.
Ginseng is a Chinese perennial used in herbal medicine, especially in East Asia including Taiwan, where Foxconn is based. Hsu’s Ginseng is the the largest supplier of American ginseng in the United States.
According to a press statement from Foxconn, its partnership with the ginseng industry in Wisconsin is set to support hundreds of jobs across the herb’s supply chain and increase ginseng availability in the United States.
“The agreement will bring together Foxconn’s high-end inspection technology and production capabilities, and the experience and technical know-how of Hsu’s Ginseng, to support holistic development of the American ginseng market – from production to sourcing, technical development, sales and distribution,” according to the press statement.
Hsu’s Ginseng will be the main provider of ginseng for Hong Seng, and will also provide the company with technical assistance and industry consultation.
Foxconn plans to use its global resources and technology expertise to support scientific inspection and certification of American ginseng through its Hong Seng brand, to provide consumers with access to safe and high-quality ginseng.
Foxconn is also set to use its relationship with academic institutions such as the University of Wisconsin Carbone Cancer Center in Madison to encourage the study of ginseng’s health benefits and its use in cancer prevention and treatment.
Also on Tuesday, Foxconn signed a strategic cooperation agreement with HOPU Investment Management Company to establish a joint venture to oversee the development and sales of the Hong Seng brand in China.
“These partnerships underscore Foxconn’s continued commitment to investing in the Badger State and deepening its long-term collaborations with local businesses and the community, in line with its goal of contributing to Wisconsin’s vibrant business environment and transformation as a global high-tech hub,” the press statement reads.
In February, Foxconn Technology Group announced plans to buy a seven-story office building in Downtown Milwaukee from Northwestern Mutual Life Insurance Co. to house its North American headquarters operations.
In June, Foxconn Technology Group CEO Terry Gou announced the company’s plans to buy the former Younkers department store site in Green Bay to open an innovation center by the end of the year. More than 200 people are expected to work at the Green Bay location.
In July, Foxconn announced plans to hire 150 people to work in Eau Claire on developing and testing new technology, beginning next year in two downtown buildings.
In August, Gou announced plans to invest $100 million in engineering and innovation research at the University of Wisconsin–Madison.