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© samsung Components | November 26, 2018

USD 291 million investment for Austin / Texas

Samsung Austin Semiconductor plans to invest around USD 291 million. State tax breaks, authorised by the Austin City Council, will also help secure around 500 jobs in Central Texas.
The Austin City Council approved a resolution designating the company as an enterprise zone project under the Texas Enterprise Zone designation, which would allow Samsung to get a refund on its state sales and use tax. For Samsung, this would mean a maximum possible refund of USD 1.25 million. The designation would not include any tax breaks from the city, a news article from Statesman (published on Samsung Austin Semiconductor's website) states.

“We’re very excited to have the City Council support it again for a third time,” Samsung spokeswoman Michele Glaze is cited in the article. “We believe that we’re a vital part of this community.” Samsung has also received enterprise zone designation in 2016, as well as in 2012.

Samsung plans to invest around USD 291 million at its Austin facility — USD 108 million in new equipment and the remainder of USD 183 million is earmarked for facility renovations.

While the company has not been initiated a new round of mass hires for this project, the chip manufacturer stated that the designation will help towards "retain 500 employees at the facility", which currently employs around 3'000.
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December 13 2018 1:08 pm V11.10.14-1