Samsung to open a $17 billion chip plant in the US

San Francisco/Seoul 23 November : .

Samsung Electronics will announce the construction of a $17 billion chip manufacturing plant in Taylor, Texas on Tuesday.

This announcement comes amid fierce competition from global semiconductor firms in a chip crunchThe Wall Street Journal reported that "an announcement could be made as soon as Tuesday", citing sources familiar with the matter.Texas Governor Greg Abbott had been scheduled to announce an economic announcement on Tuesday, at 5 p.m.(US Time).This new chip-making facility, which is approximately 1,200 acres large and larger than Samsungs Austin, will create 1,800 new jobs.

According to filings, however, it is not expected that the plant will actually begin producing chips before the end 2024.Samsung Electronics is the largest mobile phone manufacturer and memory chip maker in the world.

They are considering opening a new facility near Austins existing plant, which was opened in 1996.However, a massive power outage in February due to a snowstorm and cold wave in the region caused millions in losses for the company and raised questions about the availability of steady electricity.

According to Yonhap news agency, Taylor, Texas is the current frontrunner for the right to host the new plant.It has a population around 18,000 people.

The tech company was offered a number of incentives including tax rebates for the project, which is expected to create approximately 1,800 new jobs.A Taylor city council resolution states that a chip manufacturing factory covering 6 million square feet will be built and produce the "most advanced" kind of semiconductors before 2024.

Construction will begin in the early part of 2022.na #Samsung #chip.