Microchip Launches $300M Multi-Year Investment Initiative to Expand its Presence in India
03 Julho 2023 - 8:30AM
Microchip Technology Incorporated
(Nasdaq: MCHP),
a leading provider of smart, connected and secure embedded control
solutions, today announces a multi-year initiative to invest
approximately $300 million in expanding its operations in India,
one of the world’s fastest-growing semiconductor industry hubs.
“Microchip is making a significant strategic commitment to
growing our operations in India, whose meteoric growth has
established it as one of the top sources of business and technical
resources in our sector,” said Ganesh Moorthy, President and CEO of
Microchip. “Our investments here will enable us to both benefit
from and contribute to the country’s increasingly important role in
the global semiconductor industry.”
Microchip’s planned investments are focused on:
- Additional improvements to Microchip’s Bangalore and Chennai
facilities and the new research and development center in Hyderabad
that the company inaugurated in a ceremony
today
- Expanding and enhancing its engineering labs
- Serving the technical and business support requirements of a
large and growing set of customers in India
- Accelerating hiring as the company taps into India’s growing
talent pool
- Sponsoring technical consortia and supporting academic
institutions and programs
- Launching a variety of Corporate Social Responsibility (CSR)
programs tailored to regional needs
Approximately 2,500 Microchip employees in India are integral to
the company’s semiconductor design and development, sales and
support, IT infrastructure and application engineering operations.
They strengthen corporate initiatives, support 2,000 customers in
the region and make valuable contributions across more than 25
business units that develop solutions for industrial, automotive,
data center, aerospace and defense, communications and consumer
industries.
“Microchip’s investments in India over nearly two and a half
decades have augmented its headcount growth, resulting in building
a center of excellence for engineering deliverables and solutions
for Microchip’s global success,” said Krishna Moorthy, President
and CEO of the India Electronics and Semiconductor Association
(IESA). “We look forward to celebrating Microchip’s continued
progress in India as it embarks on this impressive growth
campaign.”
IESA and Counterpoint Research recently
reported that India's semiconductor market is
expected to reach $64 billion USD by 2026, which is nearly triple
its 2019 size of $22.7 billion USD. The Semiconductor Industry
Association wrote in its February 2023 India Semiconductor
Sector white paper that the country now accounts for 20
percent of the total global design workforce. Together,
IESA and SIA announced in January 2023 their plans
to jointly build on what India has already accomplished as a major
hub for semiconductor research, chip design and equipment
engineering, with the goal of unlocking even greater future
potential.
ResourcesHigh-res image available through
Flickr or editorial contact (feel free to publish):
- Image:
www.flickr.com/photos/microchiptechnology/52978739121/sizes/l/
Cautionary Statement:The
statements in this release relating to Microchip’s multi-year
initiative to invest approximately $300 million in expanding its
operations in India will enable us to both benefit from and
contribute to the country’s increasingly important role in the
global semiconductor industry, and that planned investments are
focused on additional improvements to the company’s Bangalore and
Chennai facilities and the new R&D center in Hyderabad,
expanding and enhancing its engineering labs, serving the technical
and business support requirements of a large and growing set of
customers, accelerating hiring, sponsoring technical consortia and
supporting academic institutions and programs and launching a
variety of Corporate Social Responsibility programs tailored to
regional needs, are forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995.
These statements involve risks and uncertainties that could
cause our actual results to differ materially, including, but not
limited to: changes in demand or market acceptance of our products
and the products of our customers and our ability to meet any
continued increases in market demand; and our ability to attract
and retain personnel.
For a detailed discussion of these and other risk factors,
please refer to Microchip’s filings on Forms 10-K and 10-Q. You can
obtain copies of Forms 10-K and 10-Q and other relevant documents
for free at Microchip’s website (www.microchip.com) or the SEC’s
website (www.sec.gov), or from commercial document retrieval
services.
Stockholders of Microchip are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of
the date such statements are made. Microchip does not undertake any
obligation to update any forward-looking statements to reflect
events, circumstances publicly, or new information after this press
release or to reflect the occurrence of unanticipated events.
About Microchip
Technology:Microchip Technology Inc.is a
leading provider of smart, connected and secure embedded control
solutions. Its easy-to-use development tools and comprehensive
product portfolio enable customers to create optimal designs which
reduce risk while lowering total system cost and time to market.
The company’s solutions serve more than 125,000 customers across
the industrial, automotive, consumer, aerospace and defense,
communications and computing markets. Headquartered in Chandler,
Arizona, Microchip offers outstanding technical support along with
dependable delivery and quality. For more information, visit the
Microchip website at www.microchip.com.
Note: The Microchip name and logo and the Microchip logo are
registered trademarks of Microchip Technology Incorporated in the
U.S.A. and other countries. All other trademarks mentioned herein
are the property of their respective companies.
Editorial Contact: |
Reader Inquiries: |
Brian Thorsen |
1-888-624-7435 |
480-792-7182 |
|
brian.thorsen@microchip.com |
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