Samsung plans to more than double its investments in the state of Texas, to the equivalent of 40 billion euros. This is what insiders say to The Wall Street Journal. The investments are focused on the city of Taylor, where Samsung is building a 'hub' for chip production.
With the additional investments, Samsung will, among other things, build an additional chip factory in Taylor, sources tell the WSJ. There will also be a new facility for chip packaging and R&D work. The new plans are in addition to Samsung's existing investments in Taylor. The company announced at the end of 2021 that it would invest $17 billion in an advanced chip factory in that city. That total investment will now be increased to approximately $44 billion, the sources claim.
The South Korean tech giant is expected to receive billions of dollars in subsidies from the US government, under the Chips and Science Act. The exact amount involved is not known. Samsung is currently negotiating with the US Department of Commerce. According to sources from The Wall Street Journal, Samsung will receive 'one of the largest payouts' that the US gives to a single company.
Samsung has not yet officially announced the additional investments. The company is expected to do so on April 15, reports the WSJ.
Leave a Reply
You must be logged in to post a comment.