Samsung’s vice chair Jay Y. Lee visits US as it weighs where to build $17 billion US chip plant

Jay Y. Lee, the vice chairman of Samsung Electronics is visiting North America following an imminent decision by the company to build a $17 billion US plant in the U.S.

Lee is scheduled to visit the Unites States and Canada.

Earlier this year in May, Samsung vice chairman Kim Kinam confirmed that the company has been comparing incentives and working out who pays what in convoluted land and other agreements while factoring in other variables including the availability of stable utilities including water and electricity.

A winter storm in the first quarter hit Samsung’s chip plant in Austin, Texas, highlighting the importance of stable utilities, since the shutdown caused by blackouts affected wafers corresponding to around $254-339 million (300-400 billion) in damages.

“I am set to meet many U.S. partners,” said Lee without elaborating.

He is also expected to visit Boston, where COVID-19 vaccine maker Moderna is headquartered.

($1 = 1,179.6200 won)



Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

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