Samsung Plans to Invest $300 Million in Opening up a Factory in the United States: 500 Jobs to Be Created

The Wall Street Journal provided news about the new venture of Samsung in the United States. The juggernaut has revealed its plan to invest a handsome sum of 300 million dollars for opening up a new factory dealing with home appliances in the United States.

The location as to where Samsung wishes to open the factory is not yet finalized. This project and initiative by the South Korean electronics giant will be increasing the number of jobs in the United States. The sources have revealed that there will be about 500 job openings in the United States.

Many people say that this project is working very strategically and focusing on two main things. Firstly, the notion appears that this project is like an attempt and endeavor to win favors from the new administration operating under the presidency of Donald Trump. Secondly, this project by Samsung may be seen as a move that has been used pre-emptively in order to minimize and reduce the impact it can have because of any sort of border tax on the goods from Mexico.

The sources of WSJ have revealed that Samsung wishes to initiate the plans by moving the production of few of the oven ranges to the United States. The source also said that the company said that they may keep in mind the possibility of manufacturing refrigerators as well as washing machines in the United States itself in the coming years. A number of proclamations are being made about this Samsung investment in the United States, but the plan of this expansion and other details in this aspect have not been confirmed.

Moreover, it is not known when this factory by Samsung will be opening in the United States. So, both the time and the location of this factory have been kept in the dark by the officials of Samsung and the administration involved in this deal. The company officials have stated that they are still in the middle of negotiations and discussions with various states in order to choose a desirable location for the factory. Some of the locations that are being considered are Alabama, North and South Carolina, Georgia, and Ohio. The strongest contender until now is reportedly South Carolina.

Samsung has been dealing with an issue for the past week regarding Lee Jae Yong, the Vice President who has been indicated by the prosecutors of South Korea on account of bribery.  This report and news of the investment of Samsung in the United States might help the company in this bribery case also.

 

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