“Samsung Electronics Co. is planning a major investment to expand its U.S. production facilities, according to people familiar with the matter, with at least five states in discussions,” Timothy W. Martin reports for The Wall Street Journal. “The initial capital investment is expected to be around $300 million, several of the people said, with Samsung shifting some production of oven ranges to the U.S. from Mexico. The move could generate around 500 jobs, those people said.”
“In subsequent years, Samsung could eventually ramp up U.S. manufacturing of refrigerators, washers, dryers and other home appliances, which could make the total investment significantly larger, according to people familiar with the discussions,” Martin reports. “Samsung’s interest in a U.S. factory was influenced by the election of U.S. President Donald Trump, according to people familiar with the matter. Mr. Trump campaigned on a desire to create more manufacturing jobs in the country — and has threatened potential penalties for companies that don’t comply.”
“Since Mr. Trump’s election, some large firms across Asia have pledged to expand U.S. operations or investments. Masayoshi Son, head of Japan’s SoftBank Group Corp., said after a meeting with Mr. Trump in December that he would invest $50 billion in the U.S., while electronics assembler Foxconn Technology Group has announced plans for expansion,” Martin reports. “Samsung’s hometown rival LG Electronics Inc. said last week that it would build a new home-appliance manufacturing factory in Tennessee, creating at least 600 jobs and investing $250 million.”
Read more in the full article here.
MacDailyNews Take: As long as the South Korean dishwasher maker doesn’t assemble their patent- and trade dress-infringing phones and tablets on Apple’s home turf. Now, are their washing machines still exploding, too?
SEE ALSO:
U.S. private sector job creation booms in President Trump’s first full month as employers add 298,000 jobs – March 8, 2017
Apple supplier Sharp may begin building $7 billion U.S. plant in within months as Japan PM meets President Trump – February 8, 2017
Foxconn-Sharp considering LCD plant in USA, plans in response to President-elect Trump’s ‘Make in America’ call – January 13, 2017
With President Trump soon to take office, Apple looks to boost its ‘Made in America’ credentials – January 10, 2017
Make America Insanely Great Again: Apple seeks to expand Made in USA manufacturing – January 9, 2017
Apple invests $1 billion in SoftBank’s massive tech fund; may help company get in President Trump’s good graces – January 4, 2017
Apple in talks to invest $1 billion in SoftBank tech fund – December 13, 2016
Softbank to invest $50 billion in the U.S., create 50,000 new tech jobs after meeting with President-elect Trump – and Apple supplier Foxconn is in on the deal – December 6, 2016
President-elect Trump invites tech leaders to roundtable in Manhattan next week – December 6, 2016
President-elect Trump tells Apple CEO Tim Cook that he’d like to see Apple make products in the U.S. – November 23, 2016
President-elect Trump says Apple CEO Tim Cook called him after election victory – November 22, 2016
Apple could make iPhones in the U.S.A. under President Trump, sources say – November 17, 2016
Japan’s Softbank just became one of Apple’s most important suppliers – July 18, 2016
Ignore the “Samsung’s interest in a U.S. factory was influenced by the election of U.S. President Donald Trump” and tell us all again, delusional Dem/Lib/Progs, how this was all Oblahblah’s doing.
Except to laugh out loud, I haven’t stopped smiling since the evening of November 8, 2016!
“elections have consequences.”
Nobody ever doubted Mr. Trump’s commitment to encourage companies to move production to the United States. Nobody doubted that firms faced with the possibility of penalties for offshore production would move it here.
What we (conservatives more than liberals) doubted is whether moving production back here would actually generate very many new jobs, whether it would be good for the companies (including their investors, employees, and customers), and whether it would create inflationary pressure on prices that could consume any possible benefits to the U.S. economy.
Spectacular jobs report today.
It is only “spectacular” because we aren’t used to it. The United States economy should create a MINIMUM of 300,000 EACH AND EVERY month.
We really need 400,000 every month. I’d call 450,000 to 500,000 every month “spectacular”. And you know what? I’ll accept NOTHING LESS then spectacular. I’m sick of the bullcr*p 1-2% growth.
You are exactly right. The economy was suffocated so badly for eight years by taxes, regulations and Obamacare that it needed zero interest rates to prop it up from recession or worse.
You forgot about the trillion dollar Bush wars, global recession from wall street deregulation, and massive economic hits like Katrina, the BP oil spill, and 5 years of drought in California.
But we all know the political game plan. Anything that happens inthe first month of the trump admin is entirely due to his amazing flurry of unconstitutional edicts. Any future disaster will be directly because of the prior admin.
How much time has Trump spent on the golf course so far anyway?
uh, he goes to Mar-A-Lago to work because he knows it isn’t bugged by Obama’s toadies.
The Fed targets 2% inflation in order to maintain a buffer against a possible deflationary spiral. Population growth in mature countries, including the USA, is essentially flat if you block immigrants, which is precisely what Trump has chosen to do.
So why exactly do you insist that the market should sustain more than 2% growth? Your individual business might, but the macroeconomy isn’t going to go on a tear now, unless of course you are just building up a bubble that you know will pop later. I would prefer slow steady growth based on innovation and fair trade rather than protectionism and military overproduction.
hmm…the libtards are sleeping with the crickets.
Or unlike me those liberals (see, I learned to spell!) have become tired of dealing with people like you.
Yeah, I know you must get tired of winners kickin’ your ass EVERY GODDAMNED DAY..but it’s so much fun for us.
Laugh Of The Day Award winner! ¡ ! ¡
😂😂😂😂😂😅😃
Love the nick as well, clever one.
The only people Orange Hitler should be deporting are these Samsung idea thieves! That would be the ONLY thing I would support from Trump!
Boycott Samsung.
Today, I threw out a 55″ plasma (year old) and a computer monitor I had for five after Wikileaks story broke.
Probably kick the vacuum to the curb, too.
Just can’t trust ’em to make secure, reliable products that aren’t based on stolen IP.
I’m done with them.
Yep. More reasons why Apple needs to make an Apple Television: security and peace of mind.
I just watched Hacksaw Ridge with my dad, and:
1. It was slightly unsettling thinking some hacker or voyeristic government employee was watching us through his Samsung TV.
2. Television sets aren’t going to be obsoleted by AR/VR devices because TV can be a social experience. Thus, there will be a television market for years to come.
One thing about manufacturing in the States, you can’t go blaming the work quality on foreign work. 😛
“”Liberalism is a mental disorder” Just watch TV and you can see it on every news channel.
Meanwhile, back in South Korea, so sad:
Samsung chief’s trial to begin on bribery, embezzling charges
The trial, set to start Thursday, could upend the company and the country, according to Reuters.
😎 😂 😹 😸 😆 😁