January 17, 2012 01:24 am EDT

Samsung looks to borrow $1 billion to expand production capacity in Austin, Texas

When you're producing chips for the iPad and iPhone, you need a serious facility to meet those demands. And evidently, Samsung's not foreseeing its legal battles with Apple to cause any wrinkles in said plans. In fact, Bloomberg is reporting that Sammy has "sent requests for proposals to banks to borrow as much as $1 billion to expand production capacity at its factory in Austin, Texas," with the bonds to be issued by Samsung's US unit. It's bruited that the company -- which has around $19.2 billion in cash -- may sell its first overseas bonds since 1997 due to the impossibly low cost of borrowing money these days, and in a time where positive economic news is tough to come by, it's quite the relief to see a bit of forward progress come from historically low interest rates. Reuters is reporting that the investment will mostly be used to "boost production of mobile chips and next-generation OLED (organic light-emitting diode) display panels," but specific details beyond that remain murky.

Samsung looks to borrow $1 billion to expand production capacity in Austin, Texas originally appeared on Engadget on Mon, 16 Jan 2012 20:24:00 EDT. Please see our terms for use of feeds.

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