Texas Instruments: plant projects backed by Washington

(CercleFinance.com) - Texas Instruments announced on Friday that it will receive up to $1.
6bn in government support for the construction of two new plants in Texas and Utah.

The chipmaker says it has signed a non-binding memorandum of understanding with the Department of Commerce under the Chips and Science Act program, launched in 2022.

This legislation aims to support American sovereignty in semiconductor manufacturing, by granting over $50bn in financial aid.

These funds are earmarked for the construction, expansion or modernization of facilities and equipment for the manufacture, assembly, testing and advanced packaging of chips.

TI, which has set itself the goal of producing over 95% of its circuits in-house by 2030, points out that the financing proposed by Washington will help it to complete its two new 300 mm units currently under construction in Texas, Utah.

The company also points out that it is eligible to receive between $6bn and $8bn in tax credits from the Treasury Department for industrial investments made in the US.

Texas Instruments shares gained more than 1.6% in pre-market trading on Friday on Wall Street after these announcements.


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