EU Approves Funds for German Semiconductor Plant
By Pierre Bertrand
The European Commission approved German funds to aid the European Semiconductor Manufacturing Co. build and operate a microchip manufacturing plant in the country.
The company, a joint venture between Taiwan Semiconductor Manufacturing Co., Robert Bosch, Infineon Technologies and NXP Semiconductors, will receive 5 billion euros ($5.54 billion) in state funds for the project in the city of Dresden.
Total investments in the plant are expected to exceed 10 billion euros, the Taiwanese semiconductor company separately said in a statement.
The funding approval comes as groundbreaking work began Tuesday for the plant. The facility is the joint venture's first in Dresden, TSMC said.
The plant will manufacture chips for the automotive and industrial sectors and production is planned to reach full capacity by 2029. It is expected to produce 480,000 silicon wafers a year, the European Commission said in a statement.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
August 20, 2024 13:15 ET (17:15 GMT)
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