EU approves 5 bln euro German aid for ESMC semiconductor plant in Dresden (updated)

BOSCH

20/08/2024 10:13

(Adds German econ minister)
       BRUSSELS, Aug 20 (Reuters) - The European Commission
said on Tuesday that it had approved a 5 billion euro ($5.5
billion) German state aid measure to support a new microchip
manufacturing plant in Dresden for the European Semiconductor
Manufacturing Company (ESMC).
    German Economy Minister Robert Habeck praised the decision
and said his government would maintain the fast pace of the
project and finalise the funding approval quickly. 
    ESMC is a joint venture between Taiwan Semiconductor
Manufacturing Company  2330.TW , Bosch  BOSH.NS , Infineon
 IFXGn.DE  and NXP  NXPI.O .
    
    ($1 = 0.9025 euros)

 (Reporting by Sudip Kar-Gupta in Brussels and Andrey Sychev in
Gdansk; Editing by Kirsten Donovan and Rachel More)
 ((sudip.kargupta@thomsonreuters.com;))