Microchip Technology Halts Plans for Federal CHIPS Act Funding for Gresham Expansion
December 7, 2024 - 13:50
Microchip Technology has decided to pause its pursuit of federal funding under the CHIPS Act, which was initially intended to support the expansion of its Gresham facility. The company was slated to receive a substantial $162 million from the 2022 CHIPS Act, with $72 million earmarked specifically for the Gresham expansion project.
This decision comes amid changing market conditions and shifting company priorities. The Gresham facility has been a critical part of Microchip's operations, contributing to its overall production capabilities. However, the company is now reassessing its strategy in light of recent developments in the semiconductor industry and broader economic factors.
The CHIPS Act was designed to bolster domestic semiconductor manufacturing, but Microchip's pause raises questions about the future of similar projects across the industry. Stakeholders will be closely monitoring how this decision impacts the company's growth trajectory and its commitment to investing in U.S. manufacturing infrastructure.
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