Locator: 50927AVGO.
These seem to be incredible numbers.
Margins (errors possible):
Locator: 50923TEXAS.
Re-postig.
Relocations are tracked here. And here. And here.
This is a huge story. Huge.
I may re-post this story later.
Huge story sent to me by a reader. Sorry for the late posting.
Samsung Electronics America is relocating its headquarters to Texas from New Jersey just eight months after moving into its new Garden State facility with much fanfare, reigniting criticism that the area's high corporate taxes and red tape are driving away businesses.
South Korean Samsung, the consumer electronics giant, confirmed that it was exiting 700 Sylvan Ave. in Englewood Cliffs, New Jersey, where it leases roughly 270,000 square feet, according to CoStar data. The U.S. headquarters will move to Samsung's existing campus in Plano, Texas, "building on our 30-year presence in the state."
Samsung is "undergoing a business transformation designed to better position our organization for long-term growth and future success," the company said, adding that "as part of this strategy, we will be optimizing parts of the organization to ensure our roles and functions align to key business priorities."
Samsung's plan adds to the Lone Star State's bona fides as a mecca for companies seeking low corporate taxes and a business-friendly environment. The list of firms that have migrated to Texas is long, with the most notable example being Elon Musk's decision to move Tesla's headquarters from California to Austin, Texas. Earlier this year, Texas was once again recognized as a top destination for corporate facility investments.
Garden State business advocates and Republican lawmakers immediately blamed New Jersey's policies and high corporate taxes again for fueling an exodus of companies from the state, with Samsung as the latest example. Democratic Gov. Mikie Sherrill's new state budget had some provisions that opponents considered anti-business, such as no longer allowing companies to write off unlimited pandemic-era losses.
Much more at the link.
