Texas Instruments recently unveiled plans to increase manufacturing capacity at its Richardson, Texas facility. The expansion would entail a total investment of $3.2 billion and create as many as 650 new jobs. The company is working to meet the growing demand for its analog and embedded processing products for the electronics and controls marketplace.
Construction is set to begin in 2019, with commercial operations slated to start in the first quarter of 2022. From the total $3.2 billion investment, about $500 million will be allocated for new buildings and property improvements. The remaining funds will be devoted to new and upgraded equipment and facility infrastructure. A deal is reportedly in the works to absolve the company from paying as much as $10 million in property taxes over the next ten years.
The company’s growth stems primarily from new products focused on the industrial and automotive markets. While the automotive landscape has been stable overall, recent fluctuations have been buoyed by a robust industrial segment that continues to spend. In addition to its expansion plans, the company also announced third-quarter revenues of between $4.1 and $4.4 billion – a year-over-year increase of about seven percent.
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