Econostrum | Economic News in the Mediterranean

The EIB grants a loan of 600 M€ to STMicroelectronics

Written by Eric Apim on Thursday, March 3rd 2022 à 15:45 | Read 472 times

The EIB loan will enable STMicroelectronics to strengthen its R&D at its French and Italian sites (photo: STMicroelectronics)
The EIB loan will enable STMicroelectronics to strengthen its R&D at its French and Italian sites (photo: STMicroelectronics)
FRANCE / ITALY. On Wednesday 2 March 2022, STMicroelectronics, one of the world's leading semiconductor companies, announced a €600 million loan from the European Investment Bank (EIB). This loan is part of the company's environmental transition and digital transformation and is intended to support its research and development (R&D) efforts on innovative technologies and components. It also concerns the implementation of new pilot production lines for advanced semiconductors.

These investments will take place at the company's sites in Italy (Agrate in Lombardy and Catania in Sicily) and in France (Crolles, near Grenoble). STMicroelectronics ($12.76 billion - €11.51 billion - in revenues) is an independent manufacturer with thirteen locations that invests 13.5% of its revenues in R&D, where 8,400 of its 48,000 employees work.

"This financing contributes to the strategic objectives of European technological sovereignty in the semiconductor industry," said the EIB in a joint statement with STMicroelectronics. This market is estimated at over €500 billion and is expected to double by 2030. Europe accounts for some 10% of world production capacity, a clear drop compared to previous decades (24% in 2000 and 44% in 1990). "ST will contribute to the objective of 20% of global production in Europe by 2030 and will continue to develop and manufacture innovative technologies and products in Europe to support the environmental transition and the digital transformation of all industries," said Jean-Marc Chéry, Chairman and CEO of STMicroelectronics.

The EIB has already granted €3.15 billion to STMicroelectronics

"There is no political sovereignty without technological sovereignty. Europe must use all the instruments at its disposal to invest in new technologies (...) Our objective is clear: to accelerate the production of semiconductors in France and Italy. Mastery of this technology, which is at the heart of our economies, is essential to guarantee the European Union's strategic independence," commented Bruno Le Maire. For the French Minister for the Economy, Finance and Recovery, "these investments contribute more broadly to supporting a growth model that creates high value-added industrial jobs in our country." His Italian counterpart, Daniele Franco, believes that "the semiconductor industry is fundamental to the digital transition of the European Union's economies. The EIB's support for ST, one of the most advanced and innovative companies in the world, represents an important step towards making the European semiconductor industry stronger and more competitive, with a significant impact on jobs and growth."

The EIB has already provided more than €3.15 billion to the Franco-Italian group through eight financing operations since 1994. "Semiconductors are key components without which no digital and ecological transition is possible," said Gelsomina Vigliotti, vice-president of the bank.

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