South Korea based leading technology company mostly known for making consumer electronics Samsung Electronics Co Ltd (KRX: 005930) announced that it has selected Taylor, Texas as the location for its new $17 billion chip factory.
This chip plant will be making advanced chips for functions including; 5G, artificial intelligence (AI), mobile and high-performance computing.
The Governor of Texas, Greg Abbott, says that this plant will create will create 2,000 high-tech job opportunities. Construction of this new chip plant is set to start in the first half of 2022. Samsung said that the new plant will create a minimum of 6,500 construction jobs.
Samsung which is the largest memory chipmaker around the world, was also considering other locations in the United State for this new chip plant. The other locations included sites in New York and Arizona.
Samsung says that it settled for Texas due to factors such as government support, proximity to its already existing plant and infrastructure stability.
“We also thank the administration and Congress for their bipartisan support to swiftly enact federal incentives for domestic chip production and innovation,” said Samsung’s CEO, Kim Ki Nam, further thanking U.S government for creating an environment which supports companies like Samsung as we work to expand leading-edge semiconductor manufacturing in the U.S.