SEOUL (Reuters) – Samsung Electronics Co Ltd <005930.KS> said on Tuesday it planned to invest more than $1 billion by the end of June 2017 to boost production of system chips at its Austin, Texas, facilities in the United States to meet growing demand.
The South Korean firm, the world’s second-largest chipmaker behind Intel Corp
The investment comes after Samsung said last week its capital expenditure for 2016 would rise to a record 27 trillion won ($24 billion), with 13.2 trillion won earmarked for its semiconductor business.
While most of Samsung’s semiconductor profits come from memory chip sales, it has been trying to boost earnings from other products including its own Exynos mobile processors and contract manufacturing deals with clients such as Qualcomm Inc
(Reporting by Se Young Lee; Editing by Jason Neely and Mark Potter)