Samsung to Invest Millions in South Carolina Factory -- Update
June 28 2017 - 11:27AM
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 begin
some manufacturing of home appliances later this 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.
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.
"Samsung's investment is great news for South Carolina and the
United States, and it is a direct reflection of the fact that
America is becoming an even stronger destination for global
businesses looking to grow," U.S. Commerce Secretary Wilbur Ross
said in a statement.
Mr. Trump has called for a revival of manufacturing in the
U.S.
Samsung said the $380 million investment in South Carolina was
an initial one, "with plans to grow from there." The Suwon, South
Korea-based firm said it has made more than $10 billion in U.S.
investments over the past 18 months, including its $8 billion
acquisition of automotive technology manufacturer Harman
International Inc., which was announced last year.
Samsung said it chose the Newberry site for its workforce,
supply chain and access to transportation. Newberry is about 150
miles northwest of the port of Charleston.
Write to Timothy W. Martin at timothy.martin@wsj.com
(END) Dow Jones Newswires
June 28, 2017 11:12 ET (15:12 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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