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2021-11-24 Economy
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Samsung plans to build $17 billion chip-making plant in Texas
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[FoxBusinessNews] Samsung Electronics Co. plans to build a roughly $17 billion chip-making plant in Taylor, Texas, according to people familiar with the matter, a mega investment by the South Korean tech giant, as the Biden administration pushes for an expansion of U.S. semiconductor production.
An announcement could come as early as Tuesday, people familiar with the matter said. Gov. Greg Abbott is scheduled to make an "economic announcement" Tuesday at 5 p.m. local time.
The Taylor facility, located in central Texas, plans to create around 1,800 jobs, though chip production isn’t expected to start until the end of 2024, according to documents Samsung had previously filed with Texas authorities. To woo Samsung, Taylor had offered incentives that include the equivalent of property-tax breaks of up to 92.5% for the first 10 years, with the write-offs gradually declining over the next several decades.
Samsung’s doubling down on Texas where it already has a footprint comes amid a year of historic spending for the semiconductor industry, spurred by government incentives seeking to attract local production. A global chip shortage has undercut many industries from smartphones and home appliances to cars.
Samsung, the world’s largest semiconductor maker by revenue, plans to invest more than $205 billion over the next three years, with chip-making a priority. Taiwan Semiconductor Manufacturing Co. has earmarked more than $100 billion over the next three years to build new chip factories. Intel Corp. has also unveiled more than $100 billion worth of semiconductor factory investments plans in the U.S. and Europe over the coming decade. 
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Posted by Skidmark 2021-11-24 00:00||
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Posted by Procopius2k 2021-11-24 07:28||
2021-11-24 07:28||
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Posted by Chealing Chomotle4158 2021-11-24 19:50||
2021-11-24 19:50||
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