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Samsung prepares to announce $17 billion chip factory in Texas

Samsung Electronics Co. have a plan build a $17 billion chip factory in Taylor, Texas, according to people familiar with the matter, a major investment by the South Korean tech giant, as the Biden administration pushes to expand U.S. semiconductor production.

An announcement could be made as early as Tuesday, people familiar with the matter said. Governor Greg Abbott is scheduled to make an “economic announcement” at 5 p.m. local time Tuesday.

The Taylor facility, located in central Texas, plans to create about 1,800 jobs, though chip production is expected to begin through the end of 2024, according to Samsung documents
005930,
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previously filed with the Texas government. To get Samsung’s attention, Taylor offered incentives that included an equivalent property tax reduction of up to 92.5% for the first 10 years, with a gradual reduction over the next several decades.

A Samsung spokesperson said: “A final decision has not yet been made on the location.

Samsung’s doubling down to Texas, where it has gained a foothold amid a year of historic spending on the semiconductor industry, was driven by incentive policies that sought to attract local manufacturing. The global chip shortage has crippled many industries from smartphones and home appliances to cars.

An expanded version of this report appears on WSJ.com.

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https://www.marketwatch.com/story/samsung-set-to-announce-17-billion-chip-plant-in-texas-11637631357?rss=1&siteid=rss Samsung prepares to announce $17 billion chip factory in Texas

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