[THE INVESTOR] Samsung Electronics’ new appliance plant in the US is expected to start production this month, as its construction is to be finished soon, a Samsung vice chairman confirmed on Jan. 3.
“The new plant will be completed soon, possibly within the month,” Yoon Boo-keun, the firm’s former appliance chief who was recently promoted to lead its new corporate relations team, told reporters at an industry meeting in Seoul.
Samsung's new appliance plant in Newberry, South Carolina
Samsung plans to inject US$380 million into the new plant in Newberry, South Carolina, the company’s first major investment in the US since it relocated most production facilities for US exports to Mexico in the early 1990s.
With the new plant opening, the Korean tech giant is making last-minute efforts to block the US government’s planned safeguard measures against imported washers, which would affect top sellers like Samsung and LG.
US appliance maker Whirlpool filed a safeguard petition with the International Trade Commission in May, claiming foreign companies are hurting the market with their cheaper products produced outside the country.
The trade commission is considering an additional 50 percent tariff on foreign-made washing machines whose sales exceed 1.2 million units. The final decision is expected to be made in February.
By Lee Ji-yoon (firstname.lastname@example.org)