STMicroelectronics & GlobalFoundries Seal Deal For French Factory Worth €7.5B

Chipmakers STMicroelectronics NV STM and GlobalFoundries Inc GFS finalized an agreement to build a new 300mm semiconductor manufacturing facility in France.
The total investment, including CAPEX, maintenance and ancillary costs, in the project is expected to be €7.5 billion.
Related: STMicroelectronics And GlobalFoundries Bag Approval For French Chip Factory
The new facility will benefit from significant financial support from the State of France (administered by Bpifrance).
"Today marks an important milestone for ST, for GF as well as for Europe. This could not have been achieved without the support of the French government as well as of the European Commission....This new manufacturing facility will support our $20 billion+ revenue ambition," stated Jean-Marc Chery, President and CEO of STM.
Also Read: STMicroelectronics Clocks 20% Topline Growth In Q1; Pricing Measures Drive Margins
Price Action: STM shares are trading lower by 0.96% at $44.48 on the last check Monday.