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• The two firms will jointly operate a new facility Crolles in southeastern France
STMicroelectronics NV (NYSE:STM) and GlobalFoundries (NASDAQ:GFS) announced that they would team up to build a semiconductor factory in France, relying on government subsidies, to boost output.
The two semiconductor manufacturers said in a statement on Monday that the multi-billion euro project will see them jointly operate a new facility in the town of Crolles in southeastern France.
"By working together, ST and GF will leverage the economies of scale at the Crolles site as they accelerate semiconductor capacity the world needs with high capital efficiency," Switzerland-based STMicro and U.S. peer GlobalFoundries said in a statement.
Production at the factory is projected to be running at full capacity by 2026, with an expected output of up to 620,000 300-millimeter (12-inch) silicon wafers per year.
The companies did not disclose the amount of investment at the new site near the Italian and Swiss borders or how much funding the French state would provide. The facility is expected to contribute to the objectives of the European Chips Act, including the goal of Europe reaching 20% of worldwide semiconductor production by 2030.
Source - STMicroelectronics
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