EU clears 2 billion Italian state aid for STMicroelectronics chip plant in Sicily

By Thomson Reuters May 31, 2024 | 1:14 AM

(Reuters) – The European Commission on Friday approved Italian state aid measures worth 2 billion euros ($2.16 billion) to support chipmaker STMicroelectronics set up a new semiconductor manufacturing facility in Catania, Sicily.

The aid will take the form of an approximately 2 billion euro direct grant to support an investment worth 5 billion euros in total, the EU Commission said in a statement.

($1 = 0.9243 euros)

(Reporting by Diana MandiĆ”, editing by Tassilo Hummel)