Benzinga | Nov 23, 2021 08:24AM EST

Samsung Eyes $17B Chip Plant In Taylor, Texas

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), rival Samsung Electronics Co Ltd (OTC:SSNLF), aims for a $17 billion chip-making plant in Taylor, Texas, the Wall Street Journal reports.

* The Taylor facility, located in central Texas, looks to create 1,800 jobs. However, the facility will not commence chip production before 2024 end.

* Taylor had offered incentives that include the equivalent of property-tax breaks of up to 92.5% for the first ten years.

* The Taylor factory will serve as an advanced chip-making facility for Samsung's contract-manufacturing operations.

* In October, Tesla Inc (NASDAQ:TSLA) migrated its headquarters to Austin shortly after CEO Elon Musk had moved to the Lone Star State.

* Taylor is about 30 miles away from Austin. The planned site of roughly 1,200 acres is much larger than Samsung's property in Austin.

* Price Action: TSM shares traded lower by 0.60% at $124 in the premarket session on the last check Tuesday.