SHANGHAI - Taiwanese electronics manufacturer Foxconn said it would establish its North American corporate headquarters in Milwaukee following the purchase of a building in the city’s downtown area.

In a statement, Foxconn said more than 500 people would work at the seven-story building in downtown Milwaukee.

The announcement comes almost a year after the company disclosed plans to invest $10 billion over four years to build a 20 million-square-foot LCD panel plant in Wisconsin that could eventually employ up to 13,000 people.

Taiwan-based Foxconn, known formally as Hon Hai Precision Industry Co Ltd ( 2317.TW ), is the world’s largest contract electronics manufacturer and employs more than a million people.

Reuters

Reporting by Andrew Galbraith, editing by Larry King

RTS1SSRM Visitors are seen at a Foxconn booth at the World Intelligence Congress in Tianjin, China. Photo: Reuters/China Stringer Network