EU approves Germany's 5-bln-euro subsidy for semiconductor plant

BRUSSELS, Aug. 20 (Xinhua) -- The European Union (EU) has approved a 5-billion-euro (5.56 billion U.S. dollars) state subsidy from Germany to support the construction and operation of a new microchip manufacturing plant, the European Commission announced on Tuesday.

The facility, known as the European Semiconductor Manufacturing Company, will be located in the city of Dresden in eastern Germany. It is expected t