Samsung Electronics Co. (SSNLF) is interested in taking over a facility in Newberry, SC that is soon to be vacated by current tenant Caterpillar Inc. (CAT) , the Wall Street Journal reported Thursday.
Samsung is in late-stage talks to invest about $300 million to expand the facility, sources told the Journal. While the start date was not disclosed, the expansion could generate 500 jobs and production could begin as early as next year.
Seoul-based Samsung's interest in a U.S. factory was sparked by the election of Donald Trump last November, the Journal reported.
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Tesla still doesn't deserve its valuation: Tesla (TSLA) fanboys have just gained their daily pound of flesh. The electric car company has reportedly reached a deal with officials in China to open a production facility in the world's biggest clean-energy car market. The deal would likely allow it to form a joint venture with a China-based partner and avoid the 25% tariff applied to imported vehicles. The move would also substantially cut shipping and production costs when compared to Tesla's facility in Nevada, TheStreet's Martin Baccardax reports.
Tesla is now valued at an insane $61 billion...and counting.
What was this Kroger exec drinking: Maybe this Kroger (KR) fella has been up too late studying the aftershocks of Amazon's (AMZN) big deal for Whole Foods. "I'm glad their stores are finally open," Kroger CFO Michael Schlotman said about German rival Lidl at Oppenheimer's Consumer Conference Wednesday. Schlotman said he is excited, in fact, he feels "great about it," to finally start seeing if the preparations Kroger put in place to compete with Lidl will stand the heat. TheStreet's Lindsay Rittenhouse was all over this bizarre exchange.