EU approves 5 billion euro German aid for ESMC semiconductor plant in Dresden

BRUSSELS (Reuters) – The European Commission said on Tuesday that it had approved a 5 billion euro ($5.5 billion) German state aid measure to support a new microchip manufacturing plant in Dresden for the European Semiconductor Manufacturing Company (ESMC).

ESMC is a joint venture between Taiwan Semiconductor Manufacturing Company, Bosch, Infineon and NXP.

($1 = 0.9025 euros)

(Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan)