04:09 AM EDT, 06/20/2024 (MT Newswires) -- ON Semiconductor (ON) said Wednesday it plans to invest $2 billion to build a semiconductor production facility, expanding its current operations in the Czech Republic.

ON Semiconductor described the silicon carbide manufacturing facility as one of the largest private sector investments in the Czech Republic and among the first investments in advanced semiconductor manufacturing in Central Europe.

ON Semiconductor said it is meeting with Czech officials to prepare a package of incentives to accompany the investment, which is to unfold over several years.

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