SK hynix to select chip packaging plant site in US early next year

Chipmaker SK hynix is aiming to select a site for a semiconductor packaging plant in the US as early as in the first half of next year.

Reports earlier surfaced that the world's second-largest memory chip maker aims to invest billions of dollars to build an advanced chip manufacturing factory in the US with a goal to start operation by 2025-26.

"While the company aims to select a site sometime in the first half of next year, nothing concrete has been determined yet," an SK hynix spokesperson said.

The plan comes less than a month after Chey Tae-won, chairman of South Korea's SK Group, unveiled an additional $22 billion investment plan in the US when he visited the White House late last month, reports Yonhap news agency.

"SK will invest nearly $30 billion in the U.S. going forward, expanding on our recent announcement of $7 billion investment in electric vehicle batteries," Chey said at that time.

Details of the investment included $15 billion spending on boosting the semiconductor ecosystem, including research and development programs, materials, advanced packaging and test facilities.

SK hynix, South Korea's second-largest chipmaker, earlier this month wrapped up a 576 billion won ($492 million) acquisition of local chip contract manufacturer Key Foundry.