SK Hynix plans to invest $107 billion to build four semiconductor fab after 2022

The logos of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – South Korea’s SK Hynix Inc plans to invest 120 trillion won ($106.66 billion euro) for the construction of four semiconductor fab after 2022 on a new cluster site in the country, the world’s second largest memory chipmaker said on Thursday.

The company has submitted an investment letter of intent, and once it is approved, more than 50 foreign and domestic suppliers will connect to the new site in Yongin, 40 kilometers south of Seoul, SK Hynix said in a statement.

“We have to invest 120 trillion won in the new semiconductor site and fab’ s in the next 10 years after 2022, at least. It is indeed a long term investment plan and our strategy may change depending on the market condition,” SK Hynix spokeswoman Olivia Lee told Reuters.

The new fab will be designated for the next-generation memory and DRAM products, she added.

SK Hynix currently operates two production sites in South Korea and a factory in Wuxi, China.

Reporting by Heekyong and Yang Ju-min Park; Editing by Sherry Jacob-Phillips and Subhranshu Sahu

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