Samsung will invest US$380 mln in U.S. to make home appliances
SEOUL-- Samsung Electronics Co. said Wednesday it will invest US$380 million in the United States to set up new production facility and tap deeper into the North American country's large home appliances market.
The South Korean tech giant said the investment will be made in Newberry County, South Carolina.
On Wednesday, Yoon Boo-keun, who heads Samsung's home appliance business, met Gov. Henry McMaster of South Carolina to sign a letter of intent for the project, which is estimated to generate some 950 jobs.
The investment is higher than the $300 million predicted by industry watchers.
Samsung has been considering building a new production facility in the U.S. for the past three years. Sources say the company has been engaged in talks with South Carolina since the second half of 2016 to finalize the plan.
The company said it chose Newberry because the area boasts excellent human resources along with sound transportation infrastructure.
Samsung plans to start production from the plant starting in the first half of 2018.
Yoon said the latest investment will allow Samsung to expand its business in the U.S., adding the company will join forces with industry experts and other innovative companies based in the world's No. 1 economy.
While Samsung took up around 17.3 percent of the U.S. market for electronic appliances last year, according to the data compiled by industry tracker Traqline, industry watchers said the company aims to further solidify its lead with the new production facility.
The announcement, meanwhile, came ahead of the first summit between President Moon Jae-in and his U.S. counterpart Donald Trump.
Source: Yonhap News Agency