Samsung (SSNLF) to Announce Taylor, Texas for Its Mega $17 Billion Chip Plant - WSJ

November 23, 2021 5:22 AM EST

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Samsung Electronics (OTC: SSNLF) will announce today it picked Taylor, Texas as a destination for its $17 billion chip plant, according to the Wall Street Journal.

Gov. Greg Abbott is preparing to make an “economic announcement” today at 5 PM local time. The announcement is likely to be centered around Samsung building a Taylor factory that will facilitate 1,800 high-paid jobs.

The chip production is expected to start in around 3 years after Taylor was successful in pursuing one of the world’s largest chipmakers. Texas authorities offered property-tax breaks of up to 92.5% for the first 10 years, a figure that will gradually decline over long-term.

Samsung’s decision to build another factory in Texas comes after the Senate approved $52 billion in direct semiconductor industry subsidies in June.

The company was also considering Arizona, New York, and Florida as possible locations for its new chip factory.

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