Samsung to Invest Millions in South Carolina Factory -- Update
Samsung Electronics Co. said Wednesday that it will invest $380 million to expand its U.S. home-appliance manufacturing operations at a site in Newberry, S.C., an announcement that comes as South Korean President Moon Jae-in arrives in Washington for a summit meeting with U.S. President Donald Trump.
The investment will generate 954 local jobs by 2020, including engineers and craftsmen, the company said. The facility will begin some manufacturing of home appliances later this year, and Samsung said it aimed to eventually make the Newberry factory its U.S. manufacturing hub.
The Wall Street Journal, citing people familiar with the matter, reported last week that Samsung soon would announce the investment at an existing factory to be vacated by Caterpillar Inc.
South Carolina officials had been courting Samsung for months and made a visit to South Korea in recent weeks, the Journal reported. Samsung said contact with South Carolina officials started last fall.
"This new investment will enable Samsung to increase the speed with which we can deliver premium home appliances," Samsung Electronics Co-Chief Executive officer B.K. Yoon said in a statement.
"Samsung's investment is great news for South Carolina and the United States, and it is a direct reflection of the fact that America is becoming an even stronger destination for global businesses looking to grow," U.S. Commerce Secretary Wilbur Ross said in a statement.
Mr. Trump has called for a revival of manufacturing in the U.S.
Samsung said the $380 million investment in South Carolina was an initial one, "with plans to grow from there." The Suwon, South Korea-based firm said it has made more than $10 billion in U.S. investments over the past 18 months, including its $8 billion acquisition of automotive technology manufacturer Harman International Inc., which was announced last year.
Samsung said it chose the Newberry site for its workforce, supply chain and access to transportation. Newberry is about 150 miles northwest of the port of Charleston.
Write to Timothy W. Martin at timothy.martin@wsj.com
(END) Dow Jones Newswires
June 28, 2017 11:12 ET (15:12 GMT)