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Samsung puts $4B into Austin chip plant — the largest foreign Texas investment ever

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Samsung is aiming to double-down on its Austin, Texas chip making plant: The company announced today that it would invest around $4 billion in the plant to boost the production of mobile processors.

The investment in Samsung Austin Semiconductor will be the single largest injection of foreign funds ever into Texas, according to MarketWatch. Samsung has now spent over $13 billion on the Austin plant since it launched in 1996.

It makes sense for Samsung to pump up its chip production since it needs to keep a steady supply of chips for its Galaxy S III line, as well as its many other models. Samsung toppled Nokia back in April as the world’s biggest mobile phone maker — partially due to the strong sales of its low-end devices and Galaxy line, and partially due to Nokia’s market share free fall. If Samsung is to continue growing, it’ll need the chip capacity to power future phones.

Samsung will be replacing equipment meant for making memory chips with newer hardware for building mobile chips, reports the Statesman. The company will hire around 2,000 temporary workers to complete the equipment upgrade, and it says there won’t be any layoffs at the Austin plant.