Samsung's about to expand its manufacturing in the US.
The South Korean electronics giant looks set to open a home appliance manufacturing plant in Newberry County, South Carolina at the cost of $380m. The facility, which will manufacture premium home appliances for the United States market, will eventually employ 954 workers. As with their semiconductor facility in Austin, Texas, Samsung plans to hire locally and invest in the community in a variety of ways.
The facility is expected to be operational in early 2018.
"This new investment will allow Samsung to increase the speed at which we can get our appliances top of the range, taking into account regional preferences of our most important consumer market", emphasized B. K. Yoon.
It's worth noting that Samsung's move isn't because of Trump's threats on taxes. It's the world's biggest TV and phone maker, but it has lagged rivals such as Whirlpool and LG for global appliances sales.
When it comes to manufacturing, Samsung already has a big presence in the US.
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Samsung employs over 18,500 people across the US, including 3,000 jobs in Silicon Valley and over 6,000 manufacturing and engineering job in Texas.
While Samsung took up around 17.3 per cent of the U.S. market for electronic appliances a year ago, 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 company acquired USA luxury home appliances brand Dacor last September, giving it a production base in California for built-in appliances. Samsung also acquired audio supplier Harman for $8 billion and committed $1.2 billion to US-based R&D and investments for Internet of Things technology.
Samsung began contemplating an expansion of its US production base almost three years ago and initiated discussions with SC in the fall of 2016.
Wednesday's announcement came as South Korean President Moon Jae-in arrived in Washington for a summit meeting with US President Donald Trump.
Once the facility begins full operations, it will create an estimated 950 new jobs, according to the company. In February, Trump tweeted, "Thank you, @Samsung!" The company said it first started thinking about expanding in the US three years ago, long before the presidential election. As a result, Newberry County was chosen as the final choice due to skillful people within the county, developed supply network, infrastructures for shipping network, and smooth partnership between local society and a business.