FILE PHOTO - Visitors are seen at a Foxconn booth at the World Intelligence Congress in Tianjin, China May 19, 2018. Picture taken May 19, 2018. REUTERS/Stringer

SHANGHAI (Reuters) - Taiwanese electronics manufacturer Foxconn said it would establish its North American corporate headquarters in Milwaukee, Wisconsin, 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.