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Samsung considers four sites in U.S. for $17 billion chip plant: documents

Stock MarketsMar 03, 2021 06:35AM ET
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2/2 © Reuters. A man walks past the logo of Samsung at its office building in Seoul 2/2

By Joyce Lee

SEOUL (Reuters) - Samsung Electronics (OTC:SSNLF) Co Ltd is considering two sites in Arizona and another one in New York in addition to Austin, Texas, for a new $17 billion chip plant, according to documents filed with Texas state officials.

The documents dated Feb. 26 also estimated tax abatements concerning the plant will be about $1.48 billion over 20 years from Travis County in Texas and the city of Austin, up from the $805.5 million previously mentioned.

Samsung (KS:005930) is in talks with the sites at Arizona and New York, with each offering property tax abatement and "significant grants and/or refundable tax credits" to fund infrastructure improvements, the documents said.

The new plant Samsung plans to build would produce "advanced logic devices" for Samsung's chip contract manufacturing business, and could create 1,800 jobs, according to previous documents filed with Texas state officials.

Samsung already has a chip plant in Austin, which due to shutdowns caused by a winter storm last month is expected to need some weeks to resume production.

Samsung's U.S. customers for its contract manufacturing chip business include Tesla (NASDAQ:TSLA) Inc, Qualcomm (NASDAQ:QCOM) Inc and Nvidia (NASDAQ:NVDA).

Samsung is considering a number of possibilities in terms of expansion, a spokesman for the South Korean firm told Reuters on Wednesday, without elaborating.

Samsung considers four sites in U.S. for $17 billion chip plant: documents
 

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Comments (3)
Ernie Keebler
Ernie Keebler Mar 03, 2021 7:48AM ET
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Tax rebates and incentives are more than 10 years total payroll gain. After incentives expire they move to next lucrative tax site. Highly profitable companies will continue practice until locals wise up in losing game.
Rick Baier
Rick Baier Mar 03, 2021 6:51AM ET
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Why would you even consider tax nightmare New York for a new business. Tolls very anti business
Kaveh Sun
Kaveh Sun Mar 03, 2021 2:07AM ET
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How long has Intel been trying to build a chip factory in az?
Jungwoo Suh
Jungwoo Suh Mar 03, 2021 2:07AM ET
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dont they have chip plants in phoenix?
 
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