11/23/2021, 6:32 AM (Source: TeleTrader)
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Samsung to build $17B chip production plant in Texas - report

Samsung Electronics Co. is expected to announce plans to build a chip manufacturing factory in Taylor, Texas.

The Wall Street Journal reported that the tech giant intends to invest around $17 billion in the plant, with the report indicating that it will create around 1,800 jobs. Furthermore, the factory will reportedly become operational at the end of 2024, as Taylor offered Samsung tax breaks of up to 92.5% for the first ten years of operations.

While a Samsung spokesperson declined to confirm to the paper the reports, saying that the company is yet to make a final decision on the location, Texas Governor Greg Abbot is scheduled to make an "economic announcement" later on Tuesday.

Baha Breaking News (BBN) / OL