Samsung Selects Texas To Build New Chip Factory: WSJ

(RTTNews) - South Korean electronics giant Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) has reportedly selected Taylor, Texas to build its new chip factory.

According to WSJ, citing people with knowledge of the matter, Samsung Electronics plans to build a roughly $17 billion chip-making plant in Taylor, Texas, as the Biden administration aims to improve U.S. semiconductor production amidst global chip shortage crisis.

The report says that an announcement could be made shortly as Governor Greg Abbott is scheduled to make an "economic announcement" Tuesday at 5 p.m. local time.

The chip plant could create about 1,800 jobs, however, chip production is not expected to start until the end of 2024.

Officials in Taylor has offered Samsung incentives that include the equivalent of property tax breaks of up to 92.5 percent in the first 10 years, the Journal reported.