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Samsung building a new $17 billion advanced chip plant in Texas

Samsung Officially announced that a new advanced chip-making plant in Texas was estimated to cost around $17 billion and could create 1800 jobs as reported previously by The Wall Street Journal. The new plant will be located in the city of Taylor which is 30 miles from Austin, where Samsung’s existing facility is located. The new Site is near to 1,200 acres in size which makes it larger than its Austin Plant

The Vice-Chairman and CEO of Samsung Electronics Device Solutions Division, Kinam Kim Says in a statement that “With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain” “In addition to our partners in Texas, we are grateful to the Biden Administration for creating an environment that supports companies like Samsung as we work to expand leading-edge semiconductor manufacturing in the U.S. We also thank the administration and Congress for their bipartisan support to swiftly enact federal incentives for domestic chip production and innovation,” He added.

The City of Taylor also offered Samsung Incentives to locate its plant there, which reportedly amount of property Tax breaks of Over 90% for its first Ten Years, the WSJ notes.

The chip-making industry has production capacity increases planned, but many of the new plants won’t be online anytime soon. TSMC and Sony’s new $7 billion chip factory in Japan won’t see production start until the end of 2024. TMSC has said it plans to invest over $100 billion in new chip factories over the next three years, While Intel plans to spend a similar amount over the next decade on investments in the US and Europe.

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