Taiwan Semiconductor to build Arizona manufacturing plant
The company plans to spend $12 billion on the project
Commerce Secretary Wilbur Ross on his department’s announcement to amend to the Foreign Direct Product Rule and on incentivizing American companies to bring manufacturing back to the U.S.
Taiwan Semiconductor (TSMC) has announced its intention to build a manufacturing facility in Arizona that will employ 1,600 high-tech workers.
Construction is planned to start in 2021 with production targeted to begin in 2024.
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The company plans to spend $12 billion on the project.
"TSMC welcomes continued strong partnership with the U.S. administration and the State of Arizona on this project. This project will require significant capital and technology investments from TSMC."a according to a company statement. "The strong investment climate in the United States, and its talented workforce make this and future investments in the U.S. attractive to TSMC."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. | 186.01 | -2.49 | -1.32% |
A Commerce Department statement praised the semiconductor industry as being critical to U.S. economic growth, underpinning many of the advanced technologies that consumers depend on.
“TSMC’s plan to build and operate a $12 billion semiconductor facility in Arizona is yet another indication that President Trump’s policy agenda has led to a renaissance in American manufacturing and made the United States the most attractive place in the world to invest,” said Secretary Wilbur Ross. “This plan is the result of years of close collaboration among TSMC, the Governor of Arizona and his staff, and the Administration, particularly our Assistant Secretary of Commerce Ian Steff.”
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Taiwan Semiconductor currently operates in Camas, Washington and design centers in both Austin, Texas and San Jose, California. The Arizona facility would be its second manufacturing site in the United States.