Samsung poised to win over $6 billion from US for expanded investment, Bloomberg News reports

By Thomson Reuters Mar 14, 2024 | 8:11 PM

(Reuters) – The U.S. plans to award more than $6 billion to Samsung Electronics Co, helping the chipmaker expand beyond a project in Texas it has already announced, Bloomberg News reported on Thursday, citing people familiar with the matter.

Samsung declined to comment.

The South Korean company, like other chipmakers, has been awaiting the grant from the U.S. government via the CHIPS Act, aimed at ramping up chip production in the United States.

It is currently building a chip plant in Taylor, Texas, with costs rising above $25 billion compared to its initial estimate of $17 billion, according to sources last year.

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Jamie Freed and Muralikumar Anantharaman)