Samsung Plans To Invest About $17 Bln To Build Chip Plant In Texas

Samsung plans to invest about $17 billion to build a semiconductor manufacturing facility in Taylor, Texas, amid a global shortage of chips used in phones, cars and other electronic devices.

It is the largest-ever investment by Samsung in the U.S. will improve supply chain resilience of crucial logic chips. The investment will also bring the company's total investment in the U.S. to more than $47 billion since beginning operations in the country in 1978. The company now has more than 20,000 employees across the country, Samsung said in a statement on Tuesday.

The company noted that the new manufacturing facility will produce advanced logic chips that will power next-generation devices for applications such as mobile, 5G, high-performance computing, and artificial intelligence. The Taylor site will span more than 5 million square meters.

The chip plant will create more than 2,000 high-tech jobs, thousands of indirect jobs, and a minimum of 6,500 construction jobs. Construction will begin in early 2022 with a target of production start in the second half of 2024. The $17 billion in capital investments includes buildings, property improvements, machinery, and equipment.

A Texas Enterprise Fund grant of $27 million has been extended to Samsung for their job creation. In addition, Samsung has been offered a $20,000 veteran created job bonus, Texas Governor Greg Abbott said.

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