Samsung announced in November 2021 that it would be purchasing new land plots for the construction of a new foundry in the USA. While Samsung looked at multiple locations, it finally settled for Texas. Now latest reports confirm that the Korean giant has completed the additional land acquisition and is waiting for approval from the municipality of Taylor, Texas, USA.
The public hearing for the two land plots that Samsung purchased for its foundry will be held on July 14. The municipal government will then discuss the inclusion of both land plots into the Tax Increment Reinvestment Zone (TIRZ). Samsung's already existing plant site is included in the TIRZ and enjoys tax breaks.
Samsung was all set to host a grand opening ceremony in June
Samsung Electronics is reportedly spending $17 billion to boost its semiconductor capacity in USA. The work is going on the fast track because, after announcing the construction of the foundry in the first half of 2022, site maintenance and foundation work has already started.
The company was all set to host a grand ceremony in June, but because the presence of Samsung Electronics vice chairman Lee Jae-Yong, was unclear, the program was delayed. Besides, Samsung was also waiting for the passage of a bill for the Semiconductor Industry Promotion Act by the US Senate and House of Representatives.
The Semiconductor Industry Promotion Act is a significant measure by the current US administration to increase the country's competitiveness in the semiconductor industry. Through the bill, it proposes to provide $52 billion in support to the semiconductor industry in the United States. Samsung has proven to be a vital partner for the administration's efforts to streamline the chip supply chain for the US.
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