Samsung Electronics To Invest More Than $1 Billion In U.s. Chip Production

[Ron Burgundy]

Samsung Electronics Co Ltd said on Tuesday it planned to invest more than $1 billion by the end of June 2017 to boost production of system chips at its Austin, Texas, facilities in the United States to meet growing demand. The South Korean firm, the world's second-largest chipmaker behind Intel Corp , said in a statement its investment would boost output of chips for mobile and other electronics devices from its existing facilities in the city. The investment comes after Samsung said last week its capital expenditure for 2016 would rise to a record 27 trillion won ($24 billion), with 13.2 trillion won earmarked for its semiconductor business.

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