Italian semiconductor facility gets $1.36 billion state aid

Investing.com -- The European Commission has given the green light to a $1.36 billion state aid measure from Italy. This financial support is intended for the Singapore-based semiconductor company, Silicon Box, to establish a new advanced packaging facility in the Piedmont region of Italy. The news was confirmed in an official announcement made on Wednesday.

The upcoming facility is being hailed as the first of its kind in Europe. Currently, there are no other advanced packaging facilities of this nature in the region.

The funding for this project is in accordance with the EU Chips Act, which allows for public funds to be largely supplied by national governments. The process of scrutinizing these projects takes place in Brussels.

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Source: Investing.com