US chip manufacturer Onsemi planning to invest $2 billion in its production facility in Czechia

The US chip manufacturer Onsemi is planning to invest up to $2 billion in its production facility in Czechia, the Czech government said on Wednesday. It is the biggest single foreign investment in the country’s modern history.

The company’s chip production in Rožnov pod Radhoštem is expected to shoot up by hundreds of percent, boosting value-added production, creating thousands of new jobs and contributing more than CZK 6 billion annually to the country’s GDP.

The company said the move “would solidify advanced power semiconductor supply chain for its European and global customer base.”

The Czech  government will negotiate with Onsemi in the coming months about incentives.