STMicroelectronics opens new 1-billion-euro credit line with EIB

Chipmaker STMicroelectronics said on Thursday it had established a 1 billion euro ($1.2 billion) credit line with the European Investment Bank (EIB).

The first 500-million-euro slice will be used to support research and development and high-volume chip manufacturing in Italy and France, the company said in a statement.

“About 60% of the agreement is focused on high-volume manufacturing capabilities, including the key sites of Catania, Agrate and Crolles, while the remaining 40% is focused on R&D,” the Franco-Italian group said.

This is the ninth financing agreement between the EIB and STMicroelectronics, totalling 4.2 billion euros since 1994.

Source:  Reuters