MADISON, Wis. (AP and WMTV) -- Foxconn Technology Group has purchased a building directly across the street from Wisconsin's state Capitol in downtown Madison.
The Taiwanese-based electronics giant along with BMO Financial Group announced Friday it had bought the six-story building at 1 W. Main St. for an innovation center. BMO has a branch on the main floor and it will remain there.
One West Main will be renamed Foxconn Place Madison. BMO has a branch on the main floor and it will remain there. The approximately 100 BMO employees in downtown Madison will continue to reside in the building, leasing space from Foxconn.
Foxconn is building a manufacturing facility near Racine where it says it will produce liquid crystal display panels. But the company has been besieged with doubters about whether it will fulfill its promise of hiring 13,000 people for the project and investing $10 billion.
The Madison innovation center is to house a research center. Foxconn says it will operate as part of a partnership with the University of Wisconsin-Madison. The building will support research and development initiatives including advances in medical, material, computer and data sciences.
Foxconn has also purchased buildings in Milwaukee for its North American headquarters and in Green Bay and Eau Claire for innovation centers.