Published: Fri, June 30, 2017
Tech | By Constance Martin

Samsung Signs Deal for new Appliance Plant in SC

Samsung Signs Deal for new Appliance Plant in SC

U.S. Secretary of Commerce Wilbur Ross (standing left), Senator Lindsey Graham (standing left center), Korean Vice Minister of Trade, Industry & Energy Inho Lee (standing right center), Samsung Electronics America President & CEO Tim Baxter (standing right), Samsung Electronics President & CEO of Consumer Electronics Boo-Keun Yoon (seated left) and South Carolina Governor Henry McMaster (seated right) meet in Washington, D.C., to announce plans to open a Samsung manufacturing facility in Newberry.

It's worth noting that Samsung's move isn't because of Trump's threats on taxes.

Samsung says it expects to begin manufacturing later this year, in response to growing US demand. US President Donald Trump has called openly for multinational companies in the US market to build factories and create jobs for Americans. According to Hyundai Motor, it is the biggest private fund for pediatric cancer in the US. The Suwon, South Korea-based company has spent US$1 billion this year alone to increase its capacity to manufacture chips that power smartphones, tablet computers and other mobile devices.

Samsung past year bought Dacor, a luxury appliance brand based in California. Samsung says placing their engineers, R&D and manufacturing operations closer to USA consumers will help them do an even better job of developing and delivering innovative products. Samsung also acquired audio supplier Harman for $8 billion and committed $1.2 billion to US-based R&D and investments for Internet of Things technology. The signing ceremony has been timed with President Moon Jae-in's first state visit to the USA and summit with his US counterpart Donald Trump, but the electronics behemoth stressed that the plan had been long sought and was not motivated by Trump's American First agenda offering incentives for companies adding manufacturing jobs in the USA and punitive tariffs on imports deemed to hurt domestic industry. If completed it will be the Korean tech giant's first home appliance plant in the U.S. In February, Trump sent a veiled message of pressure by tweeting "Thank you, @Samsung!"

Facebook dominates social media with 2 billion users a month
The company had some 1.94 billion people using its service monthly as of March 31, an increase of 17 per cent from a year earlier. Facebook CEO Mark Zuckerberg had revised the online social network's mission statement - saying its all about community.

Samsung said Newberry was chosen for its abundance of skilled workers and good access to transportation.

Samsung said it started thinking about expanding its U.S. production operations almost three years ago - during President Barack Obama's administration - and started talking with SC last fall.

South Carolina Gov. Henry McMaster said in a statement that he's "thrilled to strengthen" his state's partnership with Samsung.

The state's Coordinating Council for Economic Development has approved job development credits related to this project.

Like this: