Samsung pours $1 billion into boosting chip production in US

Samsung, sore from the disastrous Galaxy Note 7 debacle, is betting big on chips.

The company said in a statement that plans to invest more than $1 billion by the end of June 2017 to increase the production of system chips in its Austin, Texas, facilities.

While Samsung is best known for televisions, phones and refrigerators, it also makes many of the components that go into these devices. Certain Samsung phones, for instance, are powered by its Exynos chip, which is the equivalent of the Qualcomm Snapdragon processor that serves as the brain for other phones.

The company plans to boost production on system chips for mobile devices and other electronic gadgets.

"We are committed to Austin and our contributions to the community," said Catherine Morse, general counsel and senior director of public affairs at Samsung Austin Semiconductor. "This is our home and we want to ensure our community is healthy and prospering. These investments will support this, while also ensuring our customers' growing needs are met."