Samsung Invest $380 Million In South Carolina [Must Read]


President Donald Trump’s administration hailed Samsung’s Wednesday announcement that it would be investing approximately $380 million in South Carolina by opening a home appliance manufacturing plant as a victory for its “America first” economic agenda.

The South Korean-based company’s investment would create 954 jobs by 2020 in the “state-of-the-art” Newberry County plant. Samsung’s Wednesday announcement followed on the heels of its February decision to invest $250 million in a Tennessee factory. Samsung Electronics CEO B.K. Yoon signed the deal Wednesday morning flanked by South Carolina Gov. Henry McMaster (R).

“Samsung’s decision to invest in South Carolina and create nearly 1,000 new jobs here is one that will change the very fabric of the Newberry community,” McMaster said in a statement Wednesday. “We are excited to know that Samsung will now be an important partner in ushering in an unprecedented period of economic growth and prosperity in our State.”

In his statement, Yoon said, “We aspire to be the global leader in premium home appliances,” adding, “This new investment will enable Samsung to increase the speed with which we can deliver premium home appliances that reflect the regional preferences of our fastest growing and most important consumer market.”

Samsung Electronics America President and CEO Tim Baxter said in his statement, “For nearly 40 years, Samsung has steadily expanded our operations in the United States, creating thousands of jobs and investing billions of dollars in cutting-edge manufacturing facilities, research and development. With this investment, Samsung is reaffirming its commitment to expanding its U.S. operations and deepening our connection to its American consumers, engineers and innovators who are driving global trends in consumer electronics.”

The new Samsung plant will produce “state-of-the-art” home appliances while conducting extensive research projects. It is expected to become operational in the early months of 2018, McMaster noted in his press release.

U.S. Commerce Secretary Wilbur Ross praised Samsung for its decision to invest in American jobs and workers. Although Samsung had been orchestrating this investment deal for several months and the Commerce Department had no direct involvement in the planning, Ross pointed to the new optimism that many manufacturers and businesses now feel stemming from the Trump administration’s economic agenda.

“Samsung’s investment is great news for South Carolina and the United States, and it is a direct reflection of the fact that America is becoming an even stronger destination for global businesses looking to grow,” Ross said. “I congratulate Samsung on its expansion in the United States and wish the company success as it starts up its new facility in South Carolina.”