Market Chatter: STMicroelectronics Reconfirms Investment Commitment in Italy
STMicroelectronics has reaffirmed its investment commitment in Italy, planning to double manufacturing at its Agrate site by 2027. The company is set to engage in discussions with Italian trade unions to address job levels. Italian senator Adolfo Urso emphasized the need for a new industrial plan to enhance Italy's role in the company's development. Despite this positive news, STMicroelectronics shares fell over 6% in premarket trading on Thursday.
STMicroelectronics has reconfirmed its investment commitment in Italy to the country's government, Reuters reported Thursday, citing the company.
The chipmaker reassured its planned investments at sites in Agrate in northern Italy and Catania in Sicily, with a plan to double manufacturing at Agrate by 2027, the news outlet added, citing the company at a meeting in Rome.
STMicroelectronics is ready to start constructive discussions with Italian trade unions to avoid unilateral actions on job levels in Italy, STMicroelectronics added during the meeting, the news outlet said.
"I ask for a new industrial plan that would put Italy back at the centre of the company's development," Italian senator Adolfo Urso was quoted as saying by his staff, according to Reuters.
STMicroelectronics did not immediately respond to MT Newswires' request for comment.
Shares of the company were down over 6% in recent Thursday premarket activity.
Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.
