Italian and French Semiconductor to build a new factory in Italy: EU will provide 290 million euros in support

CTOnews.com, Oct. 5 (Reuters)-Technology and semiconductor company STMicroelectronics said on Wednesday that it plans to build a factory in Italy that will create about 700 new jobs.

Earlier, the European Commission said it had approved 292.5 million euros (about 2.056 billion yuan) for the project.

Financial data show that Italian Semiconductor's net revenue in the first half of 2022 was $7.38 billion (about 52.25 billion yuan), an increase of 22.9 percent over the same period last year. All product departments and sub-product departments achieved sales growth; operating profit margin was 25.5 percent. Net profit is $1.61 billion (about 11.399 billion yuan).

CTOnews.com learned that Jean-Marc Chery, president and CEO of STMicroelectronics, said in July that he would continue to move towards a plan with revenue of $15.9 billion (about 112.572 billion yuan) to $16.2 billion (about 114.696 billion yuan) and gross profit margin of about 47.0 percent in 2022.