Finisar, a company that makes lasers for facial recognition technology in Apple’s iPhone, is considering Sherman for a new $3 billion semiconductor plant.
Finisar submitted an application this week to Sherman ISD seeking tax breaks, according to KXII. It’s now headed for the Texas comptroller’s desk.
The new plant, an expansion to its current 76-acre site, would produce wafers for semiconductor chips and create 700 jobs. The company could begin construction in 2025 and launch commercial operations in 2028, according to the application.
Per the city, the number of jobs could rise to 4,000.
“It shows how exciting our community is to the high-tech industry,” said Sherman ISD Superintendent Dr. Tyson Bennett told the Texoma news station.
If the company picks Sherman, it would get a ten-year property tax break based on an $80 million valuation per its Chapter 313 application. The Chapter 313 incentive, which is designed to attract new businesses, is slated to expire at the end of the year.
Finisar said it’s considering Sherman and three other sites for a semiconductor wafer fabrication facility. Finisar, which is part of Pennsylvania-based Coherent Corp, saying the North Texas city is competing with company-owned sites in Warren, N.J., Easton, Pa., and Newton Aycliffe in the United Kingdom, the Dallas Morning News reports.
[Photo: Apple]
Finisar was acquired by II-VI in 2019. II-VI completed the acquisition of laser-maker Coherent in July 2022, changing the corporate name for the combined company to Coherent Corp. in September. Apple invested $410 million in II-VI in 2021.
Sherman continues to grow its footprint as a hub for semiconductor manufacturing in the U.S. In May, Texas Instruments broke ground on its 300-mm semiconductor wafer fabrication plants to be built in the city. The project is noted as the largest private sector economic development project in Texas history. The potential investment of $30 billion could create up to 3,000 jobs over time.
In June, Sherman beat out potential sites in Ohio and South Korea, for GlobiTech’s new $5 billion, 3.2 million-square-foot silicon wafer facility. The plant could eventually produce more than 1 million silicon wafers monthly when production begins by 2025. GlobiTech is a subsidiary of Taiwan-based GlobalWafers.
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R E A D N E X T
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Beating out potential sites in Ohio and South Korea, the city of Sherman was selected today by GlobiTech for a new $5 billion, 3.2 million-square-foot silicon wafer facility. The plant could eventually produce more than 1 million silicon wafers monthly when production begins by 2025. It's Sherman's second big manufacturing win in a month. Just weeks ago, Texas Instruments broke ground in the city on new semiconductor wafer fabrication plants with a potential $30 billion investment.
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The new 300-mm wafer fabrication plant will help support the future growth of semiconductors in electronics. Called RFAB2, the new "fab" is connected to RFAB1, which opened in 2009 as the world’s first 300-mm analog wafer fab. Inside, 15 miles of automated, overhead delivery systems will eventually move wafers between the two fabs. At full production, the Richardson fabs will manufacture more than 100 million analog chips a day that will go into electronics everywhere, TI says.
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"It was a dog fight.” Kent Sharp President Sherman Economic Development Corporation .…on battling with rivals in South Korea and Ohio to bring GlobiTech's $5 billion new silicon wafer plant to Sherman, via the Dallas Business Journal. On Monday, we wrote about the city of Sherman landing a new $5 billion, 3.2 million-square-foot silicon wafer plant. Beating out two other potential sites in Ohio and South Korea, GlobiTech's new 3.2 million-square-foot Sherman facility will create 1,500 new jobs. To be built in four phases, with construction kicking off later this year, the new plant could eventually produce more than 1 million…
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Texas Instruments' 300-mm semiconductor wafer fabrication plants to be built in Sherman mark the largest private sector economic development project in Texas history. The potential investment of $30 billion could create up to 3,000 jobs over time, the company says.
