Global electronics giant Samsung will invest 2.4 billion U.S. dollars to build new battery and capacitor plants in northern China's Tianjin, according to local authorities.
The investment will be used to expand the power battery lines and set up a multi-layer ceramics capacitors (MLCC) factory for automotive electronics in the city, according to Tianjin Municipal government.
Samsung SDI, a storage battery maker, will invest 800 million U.S. dollars on the battery project which is expected to cover 100,000 square meters.
The battery will mainly be used on energy storage systems, electric cars and electric tools, according to the company.
Samsung Electro-Mechanics, an electronic component supplier, will build the MLCC factory that is expected to be completed in 2019 and start operation in 2020.
Tianjin is Samsung's major manufacturing base and investment destination outside the Republic of Korea. There are 10 Samsung affiliated companies in the municipality with an output value of 84 billion yuan (around 12 billion U.S. dollars).
Latest comments