“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?
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