Daily Management Review

US Plant for Home Appliances Might be Built by Samsung: Media Sources


US Plant for Home Appliances Might be Built by Samsung: Media Sources
In what is considered to be the latest global firm to consider a response to criticism about imports from new U.S. President Donald Trump, Samsung Electronics may build a U.S. plant for its home appliances business, reported the media quoting a person familiar with the matter.
The sources, according to the media, declined to be identified due to lack of authorization to speak publicly on the matter, said that specifics such as the amount the electronics giant might invest and where the new base could be located have yet to be decided.
Stoking much alarm and triggering a rash of promises to invest more in the United States, while Trump has attacked some of the world's biggest companies for manufacturing abroad for U.S. consumers, the new U.S. administration has threatened an import tax.
"Thank you, @samsung! We would love to have you!," Trump said on Twitter.
Samsung but said it has already made significant investments in the country, including the $17 billion the firm has spent to date for its Austin, Texas, chip plant while the company declined to comment on whether it has any specific plans to add production facilities in the U.S.
"We continue to evaluate new investment needs in the U.S. that can help us best serve our customers," it said in an email.
While some have embarked on preemptive moves to ward off criticism, South Korean firms have not been singled out so far. It plans to lift U.S. investment by 50 percent to $3.1 billion over five years, the Hyundai Motor Group said last month.
LG Electronics warned of risks from the Trump administration's trade policies and also announced in January that it will decide on whether to build a manufacturing base in the United States within the first half of the year.
Jay Yoo, an analyst at Korea Investment said that for the likes of Samsung or LG, plants for assembling appliances would not pose a financial burden.
If they wanted to remain competitive with rivals such as Whirlpool that make appliances in the country, investing in plants would be essential if a border tax was imposed.
"Of course costs would rise, but if they don't do that they would get hit with tariffs," Yoo said.
A person familiar with the matter told the media that as part of its deliberations, LG is considering Tennessee as a location for a new home appliances and television plant.
"This is something that has been under consideration for years at LG, but the current political situation is simply accelerating that timeline for a decision," the person said.

Science & Technology

Over 500 Genes Impacting Intelligence Identified By Scientists

MIT Scientists Say It Could Be Just 13 Years For Commercialization Of Nuclear Fusion

Apple patents MacBook with a keyboard screen

Vero: An Instagram killer?

Wacky Weather Causes ‘Split In The Polar Vortex’

Smart And Adaptive Artificial Eye Developed By Researchers At Harvard

NASA’s Mars Mission To Make Use Of Cold War-Era Atomic Rockets

Israel Completes Mars Habitat Simulation Experiment

Just $24 Earned By Hackers From The Huge Cryptojacking Campaign Conducted Last Week

New Molecule That Quickly Fights Cancer Cells Identified By Swedish Scientists

World Politics

World & Politics

Christine Lagarde: there’s no winner in trade wars

10 best countries for freelancers

Alarming Concerns Or Driving Force Towards Green Energy? – Bitcoin Growth Comes At Environmental Cost

Catalan authorities refuse to greet the King of Spain

Ten Top Politicians To Be Investigated By Greek Parliament On Charges Of Taking Bribes From Novartis

The cloudy future of Saudi Arabia

Australia To Welcome Britain On The Latter’s Interest In Joining TPP

South African President Zuma Finally Resigns, New President To Be Elected Soon