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Texas Gov. Greg Abbott and Samsung Electronics Co. announced Tuesday that the South Korean tech behemoth will build a $17 billion semiconductor factory in Taylor, Texas.
"This is the largest foreign direct investment in the state of Texas ever," Abbott said during a news conference, where he was flanked by Sen. John Cornyn, R-Texas, and Samsung Electronics Device Solutions Division Vice Chairman and CEO Dr. Kinam Kim.
Texas Governor Greg Abbott speaks during the Houston Region Business Coalition’s monthly meeting on October 27, 2021 in Houston, Texas. Abbott spoke on Texas’ economic achievements and gave an update on the state’s business environment. (Brandon Bell/Getty Images / Getty Images)
Dr. Kim said at the presser that Samsung expects to create more than 2,000 high-tech jobs directly with the forthcoming facility in Taylor, and thousands more related to the plant once it is fully operational.
The chip-making factory coming to Taylor will also be the largest investment made by Samsung in the U.S., the company said in a news release, bringing the firm's "total investment in the U.S. to more than $47 billion since beginning operations in the country in 1978."
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"Samsung Austin Semiconductor has been proud to call Texas home for more than 25 years," Samsung Austin Semiconductor president Dr. Sang Sup Jeong said in a statement. "We are excited about our growth and future opportunities in Central Texas and appreciate the support from all Central Texas leaders."
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo (REUTERS/Kim Hong-Ji/File Photo / Reuters Photos)
Ticker Security Last Change Change % SSNLF SAMSUNG ELECTRONICS CO., LTD. 57.75 +57.38 +15,382.41%
Although Samsung is not new to Texas, the company said that multiple U.S. locations were considered as potential sites for the new semiconductor plant.
"Companies like Samsung continue to invest in Texas because of our world-class business climate and exceptional workforce," Abbott said in a separate statement. "Samsung's new semiconductor manufacturing facility in Taylor will bring countless opportunities for hardworking Central Texans and their families and will play a major role in our state's continued exceptionalism in the semiconductor industry."
A technician holds a central processor microchip known as a semiconductor over a circuit board at Bonn Proton Ltd on October 08, 2021 in Bonn, Germany. (Photo illustration by Ulrich Baumgarten via Getty Images) (Photo illustration by Ulrich Baumgarten via Getty Images / Getty Images) GET FOX BUSINESS ON THE GO BY CLICKING HERE
He added, "I look forward to expanding our partnership to keep the Lone Star State a leader in advanced technology and a dynamic economic powerhouse."
The investment comes amid widespread chip shortages across the globe, and Abbott says the new deal will not only help Texas but also the rest of the world.
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