06:54 AM EDT, 08/27/2024 (MT Newswires) -- HP (HPQ) and the US Department of Commerce signed a non-binding preliminary memorandum of terms for up to $50 million in proposed direct funding to HP under the CHIPS and Science Act, the Department of Commerce said Tuesday.

The funds will be used to expand and modernize HP's facility in Corvallis, Oregon. This project would generate more than 250 jobs in manufacturing and construction.

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