Tim Baxter, President and CEO of Samsung Electronics North America highlighted the company’s commitment to the state of Texas while addressing the Texas Lyceum, a nonpartisan, statewide organization that works to identify the next generation of top leaders in Texas, last week during the group’s visit to Samsung 837 in New York City.
As Samsung prepares to celebrate its 40th anniversary, Baxter reaffirmed the importance of Texas to the company’s future. “We sell 45,000 mobile phones and 5,500 TVs every hour,” Baxter said. “The majority of these products include chips developed from our semi-conductor facility, which is located in Austin.” Baxter continued, saying “I am proud to share that we consider Texas to be one of our most important markets in the U.S., showcased by our growing investment and commitment to the state. About half of our U.S. employees call it home.”
The Texas Lyceum group was visiting New York City for its annual leadership conference. This year’s gathering was entitled “A Global Perspective: The U.S. Role on the World Stage” and provided attendees broad exposure to New York City’s business landscape, including two panel sessions hosted at Samsung 837, the company’s immersive technology playground.
According to the Bureau of Economic Analysis and the International Monetary Fund, Texas represents the world’s 10th biggest economy and is home to Samsung Austin Semiconductor, where many of the chips that power Samsung devices are made.
Samsung opened its Austin semiconductor factory in 1996 and rapidly expanded its operations, accounting for the largest foreign investment in Texan history. In 2016, Samsung announced an additional $1 billion investment in the operation, bringing the total to over $16 billion since 1997.
Baxter emphasized the company’s commitment to Texas goes well beyond financial benefits. “At Samsung we believe that success goes hand-in-hand with being a good corporate citizen, especially in the places our employees live and work,” said Baxter. In Texas, Samsung has provided volunteer and financial support to over 35 different non-profit organizations, including Carry The Load, which raises money for U.S. veterans across the nation.