Semiconductor company executives gather in Elgin
AUSTIN (KXAN) — Yerico Manufacturing, a semiconductor equipment refurbishing company, will be hosting a delegation of CEOs at its Elgin site Wednesday afternoon.
Yerico said its production site is a strategic hub for localized repair services to help reduce turnaround time for clients operating in North America. Many of the semiconductors refurbished there are involved in the medical and energy sectors, the company said in a press release.
The visiting delegation will include CEOs from different equipment manufacturing companies, officers from the Dallas office of the Korea Trade-Investment Promotion Agency, and officers from the Washington D.C. office of the U.S.-Korea Free Trade Agreement.
Wednesday's visit comes two weeks after Immigration and Customs Enforcement (ICE), alongside other federal agencies, raided a Hyundai battery factory in Georgia on Sept. 4. ICE detained more than 300 South Korean workers for a week before they were allowed to voluntarily leave the US.
This raid occurred after a July summit between President Donald Trump and President Lee Jae Myung. During that summit, the two leaders reached an agreement that spares South Korea from the US' highest tariffs in exchange for $350 billion in new investments from South Korea, the AP said.
According to the AP, South Korea's president said that Korean companies will now hesitate to make further investments in the US. He also said that creating a visa system that allows South Korean companies to send workers to US industrial sites will have a "major impact" on Korean investments in America in the future.
The delegation with Yerico Manufacturing will begin at 2 p.m.