Samsung: Billions Plus Jobs for Austin
Samsung’s big investment into Austin’s economy came as the company nearly missed job targets under a 2005 economic incentive package.
Jacob Dirr writes in this week’s Austin Business Journal that, “Samsung is making a fresh $3.6 billion investment in its newest Austin manufacturing plant, creating about 500 new jobs in the next year, the company announced June 9. That takes the company out of a gray area that prompted some to wonder whether the computer chip giant would embarrassingly have to pay back to the city and state public money because it couldn’t deliver promised employee totals.
The news comes about one year after the company – one of the largest employers in Austin – cut about 550 jobs, reducing its headcount to 1,000, which is half of its workforce two years ago.
Until recently, Samsung had been ‘holding its breath,’ about whether it would comply with the criteria for job creation it agreed to when local and state governments provided $230 million in 2005, Samsung spokesman Bill Cryer said.”
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