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Electronics Production | September 26, 2005

ST in major Singapore investment

STMicroelectronics told The Business Times that they are planning investments of $500 million in Singapore.

"The figure represents a third of STMicroelectronics' overall capital spending budget in 2005", said Carlo Bozotti, chief executive of the chip maker, to The Business Times. The company reported that a big part of its chip testing capabilities are going to be moved from US and Europe to Singapore. As part of a restructuring program STMicroelectronics will also cut its workforce outside of Asia by 3000 employees in mid-2006.
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