Samsung to Invest $380 Million in South Carolina Factory for Home Appliances
29 June 2017 - 1:01AM
Dow Jones News
By Timothy W. Martin
SEOUL -- Samsung Electronics Co. said Wednesday that it will
invest $380 million to expand its U.S. home-appliance manufacturing
operations at a site in Newberry, S.C., an announcement that comes
as South Korean President Moon Jae-in arrives in Washington for a
summit meeting with U.S. President Donald Trump.
The investment will generate 954 local jobs by 2020, including
engineers and craftsmen, the company said. The facility will
manufacture home appliances such as washing machines and ovens
starting early next year, and Samsung said it aimed to eventually
make the Newberry factory its U.S. manufacturing hub.
The Wall Street Journal, citing people familiar with the matter,
reported last week that Samsung soon would announce the investment
at an existing factory to be vacated by Caterpillar Inc. Newberry
is about 150 miles northwest of the port of Charleston.
South Carolina officials had been courting Samsung for months
and made a visit to South Korea in recent weeks, the Journal
reported. Samsung said contact with South Carolina officials
started last fall.
"This new investment will enable Samsung to increase the speed
with which we can deliver premium home appliances," Samsung
Electronics Co-Chief Executive officer B.K. Yoon said in a
statement.
Mr. Trump has called for a revival of manufacturing in the
U.S.
Write to Timothy W. Martin at timothy.martin@wsj.com
(END) Dow Jones Newswires
June 28, 2017 10:46 ET (14:46 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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