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Samsung to expand operations in Austin, Texas

Samsung expanding Texas-based chip plant

| Business, Financial & Legal News | Posted: Jan 18, 2012 12:29 am

Samsung is looking to issue its first overseas bonds since 1997 in a move to expand the production of processors used in mobile devices such as Apple's iPhone. Samsung have sent requests for proposals to banks to borrow as much as $1 billion in order to expand production capacity at it's Austin, Texas-based plant.

 

TweakTown image news/2/2/22320_01_samsung_to_expand_operations_in_austin_texas.jpg

 

Samsung joins cash-rich technology companies such as Google, by entering the bond market as borrowing costs plummet. It's cheaper for Samsung to raise funds to meet surging smartphone demand than go into their own pocket, where they have nearly $20 billion in cash.

 

Samsung are also planning to increase investment in 2012 to boost production of not just mobile chips, but next-generation OLED (organic light-emitting diode) display panels. No detailed investment plans for 2012 have been stated by Samsung.

 

The expansion should be a great thing for Texas, and America as a whole. Creating jobs in a struggling economy, and a struggling country.

NEWS SOURCES
Bloomberg.com, Uk.reuters.com

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