April 1, 2019 / 5:01 AM / 23 days ago

Samsung C&T, Samsung Electronics almost double cost of finishing new chip line

The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji/Files

SEOUL (Reuters) - Samsung C&T Corp and Samsung Electronics Co Ltd have almost doubled the size of a contract related to the construction of a semiconductor production line, taking the project’s total cost to 1.46 trillion won ($1.29 billion).

The contract covers finishing work on the line at Samsung Electronics’ Hwaseong plant on South Korea’s west coast, Samsung C&T said in a stock exchange filing after market close on Friday.

Samsung C&T is the construction arm and defacto holding company of the Samsung Group.

The two companies added 739 billion won to the 723 billion won of the finishing work contract initially signed in September, Samsung C&T said. The work is due for completion by the end of April 2020, it said.

($1 = 1,131.6700 won)

Reporting by Ju-min Park; Editing by Christopher Cushing

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