US-based semiconductor company Micron Technology has announced plans to invest up to $2.17bn to expand its Manassas manufacturing facility in Virginia, the US.
This expansion is aimed at modernising the existing facility to produce state-of-the-present DRAM memories and “address future demand” in the automotive, aerospace, defence, and industrial markets.
The investment will also “enhance” the semiconductor manufacturing expertise of the company, supporting the “growing need” for memory and storage solutions.
Micron has been operating in Manassas for over two decades.
This expansion is anticipated to create 340 new jobs in the region, Virginia Governor Glenn Youngkin said.
Furthermore, Micron will be eligible for an MEI Commission-approved special appropriation of up to $70m, contingent upon an investment exceeding $2.1bn and the creation of 340 jobs, pending the Virginia General Assembly’s approval.
On 10 December, Micron received up to $6.165bn in direct funding under the CHIPS Incentives Programme’s Funding Opportunity for Commercial Fabrication Facilities from the US Department of Commerce.
This funding will facilitate Micron’s investment of approximately $100bn in New York and $25bn in Idaho, significantly boosting the US share of advanced memory manufacturing.
The funding aims to increase the US share of advanced memory manufacturing from under 2% currently to around 10% by 2035.
The investment is part of the government’s plans to “enhance” domestic semiconductor production and cut down reliance on foreign manufacturing, a US Department of Commerce statement read.
Micron president and CEO Sanjay Mehrotra said: “Micron’s investments in domestic semiconductor manufacturing capabilities, supported by the bipartisan CHIPS Act and the incentives offered by the Commonwealth of Virginia and the City of Manassas, will help drive economic growth and ensure that the US remains at the forefront of technological advancements.
“Micron is grateful for Governor Glenn Youngkin and the General Assembly’s continued support as we work to produce long-lifecycle DRAM products in Virginia to meet the future memory demand for US defence, aerospace, automotive, and industrial customers.”
“Micron to invest $2.17bn to expand semiconductor facility in Virginia, US” was originally created and published by Verdict, a GlobalData owned brand.
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