(The Center Square) – Samsung is investing $17 billion in a new facility in Taylor, Texas, to build world-class semiconductors and microchips in a move that could reduce the potential for future supply chain shortages and reduce dependence on manufacturing in China.
It’s the largest foreign direct investment in Texas on record, bringing the company’s total Texas investment to more than $47 billion since it began operations in the U.S. in 1978. The company now has more than 20,000 employees nationwide.
"As we add a new facility in Taylor, Samsung is laying the groundwork for another important chapter in our future," Kinam Kim, vice chairman and CEO, Samsung Electronics Device Solutions Division, said in a statement. "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."
The multi-billion dollar company received a Texas Enterprise Fund grant of $27 million to create new jobs in the region. It also received a $20,000 Veteran Created Job Bonus.