Foxconn Tech Co. (FXCOF) is one step closer to becoming a Wisconsinite.

Wisconsin's Economic Development Corp. approved a $3 billion incentives package for Taiwan-based Foxconn to build its enormous liquid-crystal display plant, Governor Scott Walker announced on Twitter (TWTR) .

WEDC's Board approved the deal with Foxconn. Wisconsin is ready to welcome the world's largest electronics contract manufacturer to Wisconsin and the United States! #WIWorking

— Governor Walker (@GovWalker) November 8, 2017

Approval of the incentives plan is a major win for Foxconn in its bid to construct a $10 billion plant on a 1,000-acre site in southeastern Wisconsin in 2020. The 10-million-square-foot plant would initially employ 3,000 but could grow to employ as many as 13,000.

The plan had already passed through the Republican-controlled State Assembly in August, after Gov. Walker ordered the legislature into a special session to consider the package. Foxconn will receive the $3 billion over 15 years, with most of its distributed as cash incentives.

Foxconn's Taipei-listed shares finished trading Thursday, Nov. 9 down 2.1%.

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