Electronics maker Samsung may bring manufacturing of home appliances like refrigerators, washers, and dryers to South Carolina. The plant could bring 500 jobs to the town of Newberry. The Wall Street Journal reports:
SEOUL— Samsung Electronics Co. is in late-stage discussions to invest about $300 million to expand its U.S. production facilities at a factory soon to be vacated by Caterpillar Inc., according to people familiar with the matter, with an announcement expected as early as next week.
The facility eyed by Samsung is in Newberry, S.C., a town located about 150 miles northwest of the port of Charleston, the people said, with plans to shift over some production of oven ranges made currently in Mexico. The investment could generate around 500 jobs, and though the start date is unclear, production would likely begin next year, the people said.
Samsung could eventually ramp up U.S. manufacturing of refrigerators, washers, dryers and other home appliances in subsequent years, the people said. Final details over incentives and other matters are still being hammered out between Samsung and South Carolina officials, the people said. Though unlikely, it is still possible for either party to walk away from the pact, the people said.
The timing of the announcement could still change, the people said. But South Korea’s newly-elected President Moon Jae-in is scheduled to meet U.S. President Donald Trump for the first time next week in Washington.
A Samsung spokeswoman declined to comment.
Samsung’s interest in a U.S. factory was influenced by the election of Mr. Trump, who vowed on the campaign trail to bring more manufacturing jobs back into the country, The Wall Street Journal reported in March.
Mr. Trump’s reshoring mantra brought promises from Asian billionaires such as SoftBank Group’s Masayoshi Son and Foxconn Technology ’s Terry Gou. Foxconn, the assembler of iPhones and other electronics, said Thursday it was considering seven states in the American heartland to invest $10 billion or more in factories.
Read more here.
Latest posts by Dick Young (see all)
- No Second-Guessing, No Deviation from Focus - May 17, 2019
- Avalanche! It Is Astonishing How Your Money will Pile Up - May 10, 2019
- The Most Frequently Asked Investor Question - May 3, 2019