Samsung plans to build 11 factories in Texas
Samsung is currently constructing a plant in Texas. Specifically in Austin, where he intends to invest $17 billion. But he will not be the only child he will raise in the country or in the same neighborhood. In fact, he is already planning the next plants he will construct there. And they will be no less than eleven.
According to The Statesman, the South Korean corporation has sought tax breaks in order to establish 11 new facilities in the state's Tylor and Manor areas, in addition to the one it is already building. Of course, it is not yet certain that he will lift them, and everything is dependent on whether or not he secures the desired tax exemptions.
If approved, they would add to the $4.8 billion already allocated by Texas for facilities under development, and the company's plans would almost certainly be canceled. However, assuming local officials approve them, Samsung's total investment in Texas with these 11 new facilities might exceed 192 billion dollars.
This would be in addition to the more than 10,000 employment created in the area as a result of the project, which would become the greatest economic investment in central Texas history.
Two of the 11 planned facilities would be in Austin, with the remaining nine in Taylor, a small town of roughly 17,000 people northeast of Austin where Samsung is building its new facility.
The Austin factories would use 25.4 billion dollars of the entire estimated investment and employ 1,800 people. Taylor supporters would focus the remaining 167 billion dollars, producing 8,200 jobs in the area.
Of course, we'll have to wait until at least 2034 for the first of these factories to open. Two of them are not expected to be operational until at least 2042.
Samsung confirmed the request for the incentives, which were made as part of the company's long-term planning. According to one of its representatives, the purpose of this measure is to "examine the feasibility of the possible building of additional manufacturing plants in the United States."
Texas' incentive program is set to expire at the end of this year, prompting corporations looking to establish factories in the state to apply in recent months. Samsung is only one of the companies that have done so. However, it is also one of those with the biggest incentives to keep building factories in these areas.
On the one hand, it already has a strong presence in Austin, where it has been in business since 1997 and employs approximately 10,000 people. It is the location outside of South Korea where the majority of the group's employees work.
Post by Bryan C.
