Taiwan Semiconductor Manufacturing Co. will build its first European chip factory with support from the German government, the latest move to make the continent less dependent on high-tech imports out of Asia.
TSMC said it had approved a $3.8 billion investment in the factory in Germany, with total investments in the plant expected to exceed 10 billion euros, equivalent to $11 billion, including government support.
The German Economics Ministry said the government would support the project subject to approval by the European Union, which has eased limits on government subsidies for semiconductor projects.
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