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A semiconductor plant producing precious IBM chips is set for business expansion. This chip plant is located in East Fishkill in New York, USA. IBM or the International Business Machines Corporation has spoke of its plans of investing $1 billion over the next three years. This is for the expansion of the said chip plant. IBM aims to maintain its mission to live for the chip-making business. The billions-worth of investment will be divided among the three projects related to chip nanotechnologies.

IBM presented this announcement as it also discloses of about $500 million worth of money to go for research and development, plus capital equipment in the University of Alabany’s College of Nanoscale Science and Engineering.

As a return for IBM’s business, the state of New York will grant about $140 million as development funds for the chip-making company. IBM is expected to generate 1,000 high-tech jobs in Upstate New York.

John Kelley, IBM’s senior vide president and director of research stated that, “These new investments will spur continuing advancements in nanotechnology and semiconductor research and development—including new efforts in semiconductor packaging.”

Read [WallStreetJournal]