Samsung will invest between $3--4 billion in an Austin, TX.-based plant to renovate a chip-making production line facility in efforts to meet burgeoning demand for its smartphones.
It adds to a $1.98 billion investment in South Korea earlier this year to build a new chip-making facility, reports Reuters. The Korea-based smartphone maker will invest the money over the next year in a bid to turn the Austin chip-making plant into a more profitable venture.
To put the $3--4 billion investment into sense, Samsung reported a $4.5 billion profit in its Q2 earnings alone.
Samsung is spending a lot to reap the rewards later on down the line: in other words, future-proofing itself against the high demand it saw earlier this year during the Galaxy S III launch, where many phone networks delayed their launches because of supply-chain issues.
Samsung remains the world's largest memory chip supplier by revenue as its chips -- despite the company's ongoing legal tussles with Apple -- supplies memory chips to the iPhone and iPad maker.
To add a garnish of hope to the jobs at the plant, according to one Austin-based news company, a Samsung spokesperson confirmed the company would be "keeping all jobs intact," and "will be doing a massive training of workers."
According to a Dow Jones wire, the investment comes as the largest ever single foreign investment in Texas, bringing Samsung's total figure to $13 billion since the plant became operational in 1996.