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The
funding, under the CHIPS and Science Act, will help the company
build two factories in Texas and one in Utah. Texas Instruments
has pledged $18 billion in investment through 2029 to the
projects, which are expected to create 2,000 manufacturing jobs.
Texas Instruments said it also expects to receive about $6
billion to $8 billion in investment tax credit from the U.S.
Treasury Department, and another $10 million in funding for
workforce development.
"With plans to grow our internal manufacturing to more than 95%
by 2030, we're building geopolitically dependable, 300mm
capacity at scale to provide the analog and embedded processing
chips our customers will need for years to come," CEO Haviv Ilan
said.
The United States is pushing for increased domestic
semiconductor production through the U.S. CHIPS Act, which was
passed in 2022 and can provide $52.7 billion in funding,
including $39 billion in subsidies for semiconductor production
and $11 billion for R&D.
The Biden Administration has awarded Intel nearly $20 billion in
grants and loans, and $6.1 billion in grants to memory chipmaker
Micron Technology this year under the CHIPS Act.
"With this proposed investment from the Biden-Harris
Administration in TI (Texas Instruments) ... we would help
secure the supply chain for these foundational semiconductors
that are used in every sector of the U.S. economy," said U.S.
Secretary of Commerce Gina Raimondo.
Texas Instruments has one of the largest client bases in the
industry as its chips are used in everything from smart phones
to cars.
Shares of the company were 1.5% higher in premarket trading.
(Reporting by Deborah Sophia in Bengaluru; Editing by Janane
Venkatraman and Shinjini Ganguli)
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