: Microchip Technology to create 400 more jobs in Colorado as part of $880 million expansion of chip-making facility


Microchip Technology Inc. MCHP, -1.20% said Friday that it will create an additional 400 jobs in Colorado, as it plans an $880 million expansion of its semiconductor fabrication facility in Colorado Springs. The facility there, which produces silicon carbide (SiC) and silicon (Si), currently employs more than 850 people. The Chips and Science Act is already making a positive impact on our business through the Investment Tax Credit and we are seeking capacity expansion grants for several of our semiconductor factories, including our Colorado Springs factory,” said Microchip Chief Executive Ganesh Moorthy. The stock, which fell 1.1% in morning trading, has rallied 13.0% over the past three months, while the PHLX Semiconductor Index SOX, -1.62% has climbed 10.6% and the S&P 500 SPX, -0.28% has gained 2.7%.

This article was originally published by Marketwatch.com. Read the original article here.

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