Ad
Ad
Ad
Ad
Ad
© nhanced
Electronics Production |

NHanced Semiconductors cancels US factory project

Chicago-based NHanced Semiconductors has abandoned its plan to invest $150 million in a new plant in Monroe County, South Carolina.

The firm announced the project late last year, and had hoped to secure financial support from the federal CHIPS and Science Act. But on Tuesday, the company’s president Bob Patti said the funding is not forthcoming, forcing NHanced to walk away from the scheme.

Patti believes the huge subsidies being offered by governments all over the world is stoking fears of a supply glut, which is deterring private investors from participating. “The private funding at this point is very concerned that the huge investment made worldwide now in semiconductors … may result in a glut in the market,” he said.

The location for the plant was to be Bloomington at 301 N. Curry Pike, the former General Electric site, which NHanced planned to lease from Cook Group. Patti had said the plant could have had 400 employees by 2029.
 


Ad
Ad
Load more news
June 13 2024 1:49 pm V22.4.55-1