Samsung Electronics Co., Ltd. has announced plans to invest $1.7 billion in its plant in Jiangsu Province, China.
The company plans to build workshops, purchase equipment and establish research institutes in Samsung Electro-Mechanics Co.'s branch in the city of Kunshan, greater Suzhou region. The investment will be made over a period of five years.
As reported by Xinhua news agency, the investment is being made to support a chip carrier related project. Samsung's expansion plan is in line with its attempts to diversify its clients and exert greater control over its manufacturing network, which includes 250 supplier factories in China.
Established in 2008, the Kunshan Samsung Electro-Mechanics Company Limited is engaged in developing and manufacturing electronic components. Till the end of 2012, the company has made a total investment of $81 million in the plant.