November 23, 2021
1 min read

Samsung to launch $17 bn chip plant in US

The new advanced chip-making plant, roughly 1,200 acres in size and making it larger than Samsung’s Austin plant, could create 1,800 jobs. …reports Asian Lite News

 Samsung Electronics was set to announce its new $17 billion chip fabrication plant in the city of Taylor in Texas on Tuesday (US time), as global semiconductor companies have engaged in increasingly fierce competition amid a global chip crunch.

According to a report in The Wall Street Journal citing people familiar with the matter, “an announcement could come as early as Tuesday” as Texas Governor Greg Abbott was scheduled to make an “economic announcement” on Tuesday at 5 pm (US time).

The new advanced chip-making plant, roughly 1,200 acres in size and making it larger than Samsung’s Austin plant, could create 1,800 jobs.

However, the plant isn’t expected to actually start producing chips until the end of 2024, according to previous filings.

Samsung Electronics, the world’s biggest memory chip and mobile phone maker, has been considering building a new plant near the existing one in Austin, which opened in 1996.

But a major power outage caused by a cold wave and snowstorm in the area in February caused the company millions of dollars in losses and raised concerns over a steady electricity supply.

The city of Taylor in Texas, with a population of around 18,000, is currently considered the front-runner in the race to become home to the new plant, reports Yonhap news agency.

It has offered the tech giant a set of incentives, including tax rebates, for the project that is anticipated to bring approximately 1,800 jobs and other opportunities.

According to a resolution passed by Taylor’s city council, a 6 million square feet chip fabrication factory, when built, will produce “the most advanced” type of semiconductors by the end of 2024. Construction is expected to start in early 2022.

ALSO READ: Tanishq To Add Three More Stores

Previous Story

A New Era of Connectivity in J&K

Next Story

Nepal, India agree to recognise Covid vax certification

Latest from -Top News

India Thwarts Pak Attacks, Hits Lahore Air Defence

India launches pre-dawn precision strikes on Pakistani air defence systems, with key radar installation in Lahore successfully neutralized, signalling a sharp escalation in regional military tensions…reports Asian Lite News The drones and

Mock drills held nationwide 

The nationwide mock drills are part of the government’s broader strategy to enhance civil defence capabilities and coinciding with the Pahalgam attack and India’s retaliatory action to it.   India conducted large-scale

India’s deepest strikes since 1971 

By extending its strike capabilities deep into Pakistan’s heartland, India has redrawn the contours of conventional deterrence in the subcontinent. This could embolden future Indian responses to cross-border terror attacks, but it

PM calls off Europe trip 

The visit was slated to include India’s participation in the 3rd India-Nordic Summit in Oslo on May 15–16.  Prime Minister Narendra Modi has postponed his forthcoming visits to Norway, Croatia, and the
Go toTop

Don't Miss

Wearables market: Samsung pips Xiaomi

The South Korean tech giant moved ahead of China’s Xiaomi

Samsung seeks synergy with Indian startups

Samsung said it will also explore funding support to some