Samsung, SK Hynix Lead KRW 392 Trillion Investment in South Korea's Chungcheong Region

Samsung Electronics (KRX:005930), SK Hynix (KRX:000660) and Celltrion (KRX:068270) have pledged a combined 392 trillion won ($254 billion) to build a tech and biotech hub in South Korea's Chungcheong region. South Korea's Ministry of Trade, Industry and Energy announced the plans at a Thursday briefing held at Samsung Display's Asan campus. The event, which coincided with the first glass substrate delivery for Samsung Display's 8.6-generation OLED production line, follows the government's mega-projects briefing last week, where the ministry also announced a 550 trillion won project in cooperation with the government, Samsung, SK Hynix and Naver (KRX:035420). At the latest event, Samsung outlined a 140 trillion-won plan to transform Chungcheong into "a hub for materials and components." Through Samsung Display, the group plans to expand high-value-added OLED lines in Asan for smartphones, IT devices, XR, automotive and humanoid and wearable applications, according to a separate press release from Samsung. The company will also build an HBM manufacturing base with five fab lines in Onyang, plus expanded facilities in Cheonan. Samsung expects the plan to create 250,000 jobs..