Welsh Semiconductor Company Plans to Expand Greensboro Operation for Next Generation Compound Semiconductor Materials

RALEIGH

Nov 4, 2024

Today, IQE, Inc., a global semiconductor manufacturer, announced an expansion in Guilford County, signaling its ongoing commitment to future investment in the region, subject to customer commitments and funding from the federal CHIPS Act. The company plans to add 109 jobs and invest $305 million over several years to expand its manufacturing facility for next generation compound semiconductor material in the City of Greensboro.

"North Carolina is a manufacturing powerhouse at the intersection of innovation and legacy," said Governor Cooper. "IQE's major reinvestment in Guilford County is a testament to the quality of our world-class workforce, the strength of our business climate, and our leadership in clean energy and technology."

IQE, Inc. is the United States subsidiary of IQE, PLC. Operating in Greensboro for more than a decade and with 72 employees, IQE manufactures epi wafers using molecular beam epitaxy for the defense and aerospace industries. This potential investment would add a new, complementary epitaxy called metal-organic chemical vapor deposition (MOCVD) and would provide a new clean technology for semiconductor chip production to help serve the electric vehicle market.

"Greensboro has proven to be a strategic location for IQE and has provided access to exceptional talent," said Jutta Meier, Interim CEO of IQE. "We look forward to continuing our partnership with the city as we progress further with our application for Government funding via the CHIPS Act, which along with funding commitments from the State, will provide us with the capital to invest and expand our local footprint."

"North Carolina has more than 110 companies exporting $1.2 billion of semiconductors and microelectronics around the world," said N.C. Commerce Secretary Machelle Baker Sanders. "As one of the top states to do business, this expansion validates our reputation for the best talent and research partnerships that continue to attract and retain advanced manufacturers like IQE."

Although salaries will vary by position, the average annual wage will be $64,908, which exceeds the Guilford County average of $58,843. These new jobs could potentially create an annual payroll impact of more than $7 million for the region.

A performance-based grant of $275,000 from the One North Carolina Fund will help facilitate IQE's expansion in North Carolina. The One NC Fund provides financial assistance to local governments to help attract economic investment and create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require matching participation from local governments and any award is contingent upon that condition being met.

"This announcement is outstanding news for Guilford County and the entire state," said N.C. Senator Michael Garrett. "IQE has been a great corporate citizen for more than a decade, and I look forward to seeing the positive impact these new good-paying jobs will have on our local economy."

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the Commerce Department's Division of Workforce Solutions, the North Carolina Community College System, Guilford Technical Community College, GuilfordWorks, the City of Greensboro, Guilford County, the Guilford County Economic Development Alliance, the Greensboro Chamber of Commerce and Duke Energy.

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Jordan Monaghan

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(919) 814-2100