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15 Nov 2021

Samsung’s Jay Lee to Visit the U.S for $17 Billion Chip Plant

Samsung’s Jay Lee to Visit the U.S for $17 Billion Chip Plant

The Index Today

Samsung Electronics Vice Chairman Jay Y. Lee is expected to make his first formal visit to the U.S to conduct talks regarding the $17 billion U.S chip plant.

According to local media, Jay Y. Lee has departed from Seoul and is expected to complete his trip to Canada and North American to finalize the location for the chip manufacturing plant. Williamson County is currently being favored by Samsung as the location due to better incentives.

Jay Y. Lee previously announced the set up for a new chip plant after which Samsung has been looking at locations and comparing packages. Other factors which play a crucial role in the decision include utilities availabilities, energy supplies, costs and more. Due to a recent winter storm which made landfall in Texas, close to Samsung’s chip plant, the availability of a stable power source and utilities has become even more important. The storm managed to cause blackouts which in turn resulted in financial damages worth $254-$339.

The chairman Jay Y. Lee is expected to meet with many key figures to discuss the plant options. Previously, Lee has spent 30 months in jail over charges for embezzlement and corruption.

©Photo: Yonhap via Reuters