Vishay Receives €214 Million in Funding for Semiconductor Plant in Itzehoe
Semiconductor manufacturer Vishay has secured €214 million in federal funding for its facility in Itzehoe, Germany. The funds will support the expansion of a production line for semiconductor switches, primarily for the automotive industry.
Semiconductor manufacturer Vishay has received €214 million in funding from the German federal government for its site in Itzehoe, Steinburg district. The company is currently expanding its plant with a new production line for semiconductor switches, representing an investment of over €400 million.
The Itzehoe facility produces semiconductor components, specifically power transistors and switches for motor control, primarily serving the automotive sector. This expansion is projected to create more than 100 new jobs. Vishay aims to double its production capacity at the Itzehoe site with the new facility.
The funding is part of the European Union's "Chips Act," a strategic initiative to boost semiconductor manufacturing within Europe and reduce reliance on external suppliers. The EU aims to increase its market share in semiconductors from the current 8% to 20% within the next four years.
In addition to Vishay, three other chip companies in Germany have also received similar federal funding as part of these efforts to strengthen European semiconductor production capabilities.