06:05 AM EST, 12/04/2024 (MT Newswires) -- NXP Semiconductors ( NXPI ) and Vanguard International Semiconductor's joint venture, VisionPower Semiconductor Manufacturing, on Wednesday broke ground at the site of its 300-millimeter wafer manufacturing facility in Tampines, Singapore.

VisionPower said the facility is targeted to start initial production in 2027, after which a second phase will be considered.

The joint venture said it expects to reach a monthly output of 55,000 300mm wafers in 2029 and create about 1,500 jobs.