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https://www.benzinga.com/government/23/04/32078396/stmicroelectronics-and-globalfoundries-bag-approval-for-french-chip-factory


STMicroelectronics And GlobalFoundries Bag Approval For French Chip Factory
byAnusuya Lahiri, Benzinga Editor
April 28, 2023 8:38 AM | 1 min read

• On Friday, chipmakers STMicroelectronics NV and GlobalFoundries Inc won the EU approval to build a new chip factory with French state aid in France.
• The companies disclosed their plan in July 2022.
• The new facility will be situated next to STM's existing plant in Crolles and reach full capacity by 2026, with up to 620,000 wafers per year of production at a size of 18-nm, Reuters reports.
• "The aid will take the form of direct grants to ST and to GF, to support their investments in the project worth totally €7.4 billion," the European Commission stated.
• The European Commission looks to produce 20% of the world's chips by 2030.
• The European Union executive arm proposed the €43 billion ($45.3 billion) Chips Act earlier to allow governments to subsidize the production of chips.
• Countries worldwide emphasized building their domestic semiconductor presence after the 2020 pandemic that first erupted in China vandalized the global supply chains leading to a chip crisis for automobiles and electronic gadgets.

• Price Actions: GFS shares closed lower by 0.41% at $58.01 on Thursday. STM shares traded lower by 2.26% at $41.87 premarket on the last check Friday.