IQE, Inc., a leader in the semiconductor industry, is set to bolster their Greensboro operation with an impressive expansion plan. The company, specializing in the production of advanced semiconductor materials, is looking to add 109 jobs and inject $305 million into its manufacturing facility located in Guilford County. This move comes as part of a strategic initiative backed by potential customer commitments alongside anticipated federal funding from the CHIPS Act.
During a public address, North Carolina Governor Roy Cooper hailed the reinvestment by IQE as a demonstration of the state's manufacturing strength and technological prowess. "North Carolina is a manufacturing powerhouse at the intersection of innovation and legacy," Governor Cooper stated. In the same vein, the investment symbolizes the state’s commitment to clean energy and technology fields. As reported by the official announcement on the Governor's website, the Governor underscored the synergy between North Carolina's business climate and its skilled workforce.
Currently, IQE operates with a Greensboro-based workforce of 72 employees and has utilized advanced techniques such as molecular beam epitaxy to cater to the needs of the defense and aerospace industries. The proposed expansion would bring in metal-organic chemical vapor deposition (MOCVD) technology, enhancing its manufacturing capabilities, particularly for the burgeoning electric vehicle market. "We look forward to continuing our partnership with the city as we progress further with our application for Government funding via the CHIPS Act," Jutta Meier, the Interim CEO of IQE, told the press on the Governor's website.
North Carolina Commerce Secretary Machelle Baker Sanders pointed out that the state harbors over 110 companies in the semiconductor sector which collectively export upwards of $1.2 billion in products globally. According to the announcement on the Governor's website, the average annual wage of the new positions at IQE would surpass the county's average, representing a substantial economic boost for the locality. Embellishing the investment is a performance-based grant from the One North Carolina Fund, mandating that the company must first meet specific job creation and investment targets.
