Samsung Will Invest $17 Billion to Expand US Chip Production
Samsung shared more details on a plan to expand its chip manufacturing operation in the US. The company stated in documents filed with officials in Texas it expected to invest $17 billion in the project.
Korean tech giant said anticipated project costs included $5.1 billion on buildings and property improvements, and $9.9 billion on equipment. It added the plant would create 1,800 jobs over the first ten years, with initial average annual salaries of $66,254.
All told, the project will add 7 million square feet of factory space, which Samsung said was necessary for it to continue to be a manufacturing leader in the highly competitive electronics industry. Samsung is currently negotiating with officials in Texas over potential tax breaks for the project. The vendor was also considering alternative sites in Arizona and New York state.