The Biden administration is awarding $162 million to Microchip Technology for the expansion of computer chip factories in Colorado and Oregon, aiming to boost domestic production of semiconductors. This funding, part of the CHIPS and Science Act, is expected to nearly triple the company's output and create over 700 jobs, enhancing the supply chain for critical industries and reducing reliance on foreign semiconductor sources.
The Biden administration has allocated $162 million to Microchip Technology to boost U.S. semiconductor production, with $90 million going to a Colorado plant and $72 million to an Oregon factory. This funding, part of the CHIPS and Science Act, aims to triple domestic chip production, create jobs, and reduce reliance on foreign manufacturing, which could help mitigate inflation by addressing supply chain issues. The investment is expected to create 700 jobs and follows a previous grant to BAE Systems for military chip production.
The Biden administration has allocated $162 million to Microchip Technology for expanding computer chip factories in Colorado and Oregon, aiming to triple U.S. production and create 700 jobs. This move, part of the CHIPS and Science Act, seeks to strengthen domestic semiconductor manufacturing, reduce reliance on foreign production, and address inflation by easing supply chain issues.
The U.S. government is awarding Microchip Technology $162 million to expand its semiconductor production facilities in Oregon and Colorado, aiming to strengthen the domestic supply chain and reduce reliance on foreign chips. This grant, part of the CHIPS and Science Act, is expected to create over 700 jobs and triple the company's output at the two sites. The funding will also help Microchip, a key supplier to the defense industry and critical national industries, to decrease its dependence on foreign production facilities. The Commerce Department is conducting due diligence before finalizing the terms of this preliminary agreement.
