STMicroelectronics plans to invest 5 billion euros in Italy to build a chip factory

STMicroelectronics announced that it will invest 5 billion euros to build a chip and packaging manufacturing plant in Catania, Italy. The project will last for several years and part of the funds will come from the EU's "Chips Act". The Italian government will provide 2 billion euros in subsidies for the project. The new plant is expected to start production in 2026, with the goal of reaching full capacity in 2033.