STMicroelectronics to Build €5B ($5.42B) Chip Plant in Sicily, Italy with EU Support

May 31, 2024, 07:47 AM

STMicroelectronics, a Swiss chipmaker and key supplier for companies like Apple, Tesla, and Samsung, has announced plans to build a €5 billion ($5.42 billion) semiconductor manufacturing plant in Catania, Sicily, Italy. The project, which aims to bolster semiconductor production in Europe, will be partially funded by the European Union's Chips Act, with the EU providing €2 billion in state aid. The new facility will focus on producing silicon-carbide semiconductor products.