Texas Instruments to start building new fabs in North Texas, supporting 3,000 direct jobs

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Texas Instruments Inc. TXN, -0.22% said Wednesday it will start construction of a new semiconductor wafer fabrication plants in North Texas next year. The chip maker said the site in Sherman, Texas has the potential for up to four fabs, with construction of the first and second sites set to begin in 2022, with production from the first fab expected as early as 2025. Total investment potential at the site could reach $30 billion and support 3,000 jobs, over time. The company said the fabs are being constructed to meet the growing demand for chips, particularly in the industrial and automotive markets. The new fabs will be in addition to the company’s existing fabs in Dallas and Richardson, Texas, with production expected to begin in the second half of 2022, and in Lehi, Utah, with production there expected to begin in early 2023. Texas Instruments’ stock, which rose 0.7% in premarket trading, has gained 14.9% year to date through Tuesday, while the PHLX Semiconductor Index SOX, -0.74% has rallied 38.1% and the S&P 500 SPX, -0.10% has gained 25.2%.

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

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