Samsung to spend $14.7B on new chip plant

South Korean tech giant Samsung Electronics Co. plans to invest 15.6 trillion won ($14.7 billion) to build a new cutting-edge chip-manufacturing plant in its home country as it seeks to maintain its lead in memory chips and grow beyond smartphones.

According to the Wall Street Journal, Samsung's chip unit has grown to comprise 60 percent of its total operating profit.

Construction of the new chip plant is expected to start next year and wrap up in 2017. The new plant will be located in Pyeongtaek, a city south of Seoul.

Read more from the Wall Street Journal.