top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

29 Sept 2021

Samsung Electronics to Build Chip Plant Factory in TX worth $17 Billion

The Index Today

Samsung Electronics Co Ltd is in the final stages of completing a $17 billion construction deal for a semiconductor factory in Williamson County, Texas. The company has made sure it will take all reasonable yet necessary steps to meet legal requirements of the state before taking any final decision.

According to state filings, the new factory will be set up to manufacture advanced logic semiconductor chips and will help create around 1,800 new jobs.

Samsung has said it may start construction on the 6-million square foot factory project in January which will be in running order by the end of 2024. However, no official date or decision has been put forward yet. The Austin Suburban area of Williamson County is among the chosen locations for the factory due to the available subsidiaries and reliable sources for water and electricity.

Park Sung-soon, analyst at Cape Investment Securities said, “With the united states turning semiconductors into a strategic material, it is becoming a risk to be concentrated only in Asia. Samsung wants to be on the ground in the U.S.”

Samsung ranks as the second just before TSMC in the global chip manufacturing industry, having a total market share of 17.3% according to data released by TrendForce.

©Photo: Samsung

Clay pottery with table linens
bottom of page