“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.
JUNE 29, 2022
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 silicon wafers monthly when production begins by 2025.
Winning the battle wasn’t easy, Sharp says in the Dallas Business Journal, noting that Ohio has laws on the books that give any project with a capital expenditure of $1 billion-plus a 30-year, 100% tax abatement.
“We started putting our pencils together and developed a tax abatement package that was consistent across the city, county, school district and college,” Sharp told the DBJ.
“That’s economic development,” he added. “You wish the company would just show you what they’ve got, but the company is never going to do that. It’s like playing poker with a mirror behind your back.”
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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 Arlington Assembly plant has 5,677 employees and has produced more than 12 million vehicles since it opened in 1954. The new investment follows a $1.4 billion, 1.6 million-square-foot expansion at the plant that began in 2015.
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Plus, Primoris Services acquires PLH Group for $470M; Keurig Dr Pepper acquires rights to non-alcoholic cocktail brand; Harvest Returns raises $4M for new fund; and more North Texas deals.
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At full build-out, the 4.7 million-square-foot semiconductor fabrication plant will be the largest electronics production facility in Texas and among the largest manufacturing plants of any kind in the U.S.
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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.
