Chipmaker Texas Instruments to receive up to $1.6 billion in funding from US

A Texas Instruments Office is
shown in San Diego, California

(Reuters) -Texas Instruments said on Friday it would receive up to $1.6 billion in funding from the U.S. Commerce Department towards the construction of three new facilities, the latest government outlay aimed at bolstering domestic chip production.

The funding, under the U.S. CHIPS and Science Act, will help the company build two factories in Texas and one in Utah. Texas Instruments has pledged more than $18 billion through 2029 to the projects, which are expected to create 2,000 manufacturing jobs.

The chipmaker also expects to receive about $6 billion to $8 billion in investment tax credit from the U.S. Treasury Department, and $10 million in funding for workforce development.

By Deborah Mary Sophia

Full story at Yahoo News.