5/17/2021, 7:47 AM (Source: TeleTrader)
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Samsung to announce US chip plant investment this week - report

Samsung Electronics Co. will reveal later this week that it plans to build a chip production facility in the United States, Yonhap reported on Monday citing sources familiar with the matter.

The company is expected to announce its plans on Friday at the meeting between South Korean President Moon Jae-in and US President Joe Biden. The report indicated that Samsung's head of the chip business Kim Ki-nam, who will attend as part of South Korea's business delegation, will confirm the plans after the meeting.

The report comes after stories from earlier this year speculated that the South Korean tech giant wants to invest $17 billion in a new foundry chip factory in Texas, Arizona or New York. Last week, Samsung announced that it will increase its investments in logic chips by $30 billion to reach a total of $151 billion invested by 2030.

Baha Breaking News (BBN) / MJ