Samsung will build its new casting facility in the state of Texas, and South Korean President Moon and US President Biden announced the investment deal together.
Investments have started to gain great importance nowadays, as the global chip crisis has made its effects felt better. Samsung will also set up a new manufacturing facility in the US, and there was a fierce race between states for this. An agreement was signed yesterday with a ceremony at the level of the President.
18 billion dollar facility
Samsung is currently the foreign country with the largest investment in the US. Spending $ 17 billion on existing chip casting facilities in the country, the South Korean giant has set aside another $ 18 billion for its new facility. Thus, the total investment will reach a record level of 35 billion dollars.
Samsung, which states try to attract with various incentives , preferred the state of Texas where it is currently producing . The state is thought to provide over $ 1 billion in incentives to the firm, and Samsung will offer jobs to 1800 people.
The facility, which will provide casting services to third parties in the 5nm EUV process, will be installed right next to the 14nm casting facility in Austin. South Korean President Moon and US President Biden announced the investment agreement together. Austin facilities are expected to be commissioned in late 2023.