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Samsung Electronics Co. said Monday it will spend almost $15 billion to build a new chip plant in South Korea.
While the company said construction on the $14.7 billion plant will begin next year, it has not decided yet what kind of chips will be manufactured there. The plant is expected to be operational by 2017.
The investment “will significantly influence the shaping of Samsung’s future semiconductor business,” Kwon Oh-hyun, co-chief and vice chairman of Samsung Electronics, said in a statement, according to MarketWatch.
Samsung may become increasingly dependent on chips sales.
After a few hot years, Samsung’s mobile phone business has cooled this year thanks to tougher competition in China. Samsung is set to report third-quarter earnings on Tuesday, and analysts project that its operating profit could fall by as much as half from a year ago.
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