Samsung to Build $15 Billion Chip Plant as Phones Stall
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Samsung Electronics Co. will spend 15.6 trillion won ($15 billion) building a chip plant in South Korea as it heads for the roughest quarterly result in years amid competition from Apple Inc. and Xiaomi Corp. smartphones.
Construction in Gyeonggi province, south of Seoul, will begin in the first half of next year with semiconductor operations due to commence in 2017, Suwon, South Korea-based Samsung said in a statement. Samsung is shifting toward more complicated and lucrative processors to be the brains for new businesses such as wearable devices, smart cars and smart homes.