Yoon Boo-keun, president of consumer electronics at Samsung Electronics, signed an investment letter of intent with Henry McMaster, Governor of South Carolina, for the establishment of a washing machine plant in the U.S. State on June 28.
Under terms of the letter, Samsung Electronics will invest US$380 million in Newberry of South Carolina to launch washing machine production lines there within early next year.
This is the first time for Samsung to make direct investment in the United States since it established a system chip line there back in 1996.
With an investment of about $380 million, the Newberry plant is expected to create 950 new jobs. This is larger than originally planned figures of $300 million and 500 jobs.
To secure a sustainable growth base in the U.S. market, Samsung Electronics started reviewing the idea of establishing a production plant three years ago. Samsung launched negotiations with the State of South Carolina from the latter half of last year.
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