GFS.US and STM.US confirm to build chip factory in France
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Update time : 2022-07-12 18:03:50
GFS.US and STMicroelectronics (STM.US) on Monday announced plans to build a chip factory in France that would create about 1,000 new jobs and support the European Union's plans to develop more chips.
The new French factory is expected to include billions of euros in co-investment, including substantial financial support from the French government, the companies said.
The companies did not disclose the specific investment amount, but media earlier reported that the investment amount will be close to 4 billion euros.
The two companies said building a factory in France would help the EU achieve its goal of producing 20 percent of the world's chips by 2030. It will also help ST rise to more than $20 billion in revenue.
Last month, French President Emmanuel Macron said he wanted Europe to have 10 tech giants within the next five years. In February, the European Union relaxed financing rules for innovative semiconductor factories in a bid to boost the bloc's own tech chip industry.
GlobalFoundries (GFS.US) Company Profile: GlobalFoundries, Inc. provides foundry services and manufactures semiconductors. It offers worldwide shuttles, masks, post-manufacturing and turnkey services. The company was founded in 2009 and is headquartered in Malta, New York.
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