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Business

AMD Plans Chip Plant in Dresden

Advanced Micro Devices Inc. plans to build a $2.4 billion (€2 billion) semiconductor factory in the eastern German city of Dresden, as it concentrates production in the region. The U.S. company, the world's No. 2 chipmaker, will get $500 million in subsidies from federal and state governments pending European Commission approval, AMD said. It will also get as much as $700 million in loans and up to $320 million in additional equity funding from a separate investor group and the eastern German state of Saxony, where Dresden is located. “The time is right to expand our manufacturing capacity in order to effectively meet future demand,'' said Hector Ruiz, Chief Executive Officer at AMD.