Samsung Will Invest $17 Billion to Expand US Chip Production

Samsung Will Invest $17 Billion to Expand US Chip Production

Foto: Depositphotos

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.

More from category

Qualcomm to Skip MWC Barcelona This Year

Qualcomm to Skip MWC Barcelona This Year

17 May 2021 comment

Qualcomm joined the list of several major tech companies that will not attend Mobile World Congress this year.

IBM Warns on Chips Shortages until 2023

IBM Warns on Chips Shortages until 2023

16 May 2021 comment

IBM president Jim Whitehurst indicated a current chip shortage impacting production of smartphones could last for another two years.

Foxconn Records 45 Percent Increase in Sales

Foxconn Records 45 Percent Increase in Sales

15 May 2021 comment

Electronics manufacturer Foxconn recorded net profit gains in the first quarter of 2021.