01:35 PM EST, 12/20/2024 (MT Newswires) -- (Updates with details in the second and third paragraphs, and the latest stock move in the last paragraph.)

Texas Instruments ( TXN ) and the US Department of Commerce said Friday that the company was awarded up to $1.6 billion in direct funding for new semiconductor manufacturing facilities.

The funding was granted under the CHIPS and Science Act and will support three of the company's 300-millimeter wafer fabrication facilities under construction in Sherman, Texas, and Lehi, Utah, according to a joint statement.

Texas Instruments ( TXN ) also expects to receive an estimated $6 billion to $8 billion from the US Treasury Department's investment tax credit.

Texas Instruments ( TXN ) shares were up 1.5% in recent Friday trading.

Price: 187.21, Change: +2.74, Percent Change: +1.49