Chip Maker UMC Invests To Move Into Solar
REUTERS - Taiwan's UMC, the world's No.2 contract chip maker, is following sector leader TSMC by diversifying into solar-related markets as they look for new growth drivers beyond chip foundries.
UMC's board approved a plan to set up a wholly owned investment company, UMC New Business Investment Corp, which would be capitalized at T$1.5 billion ($46 million) and invest in solar and LED markets.
"This will bring new momentum for UMC to further grow and enhance UMC's future asset turnover and profitability," UMC said in a statement after the Taipei stock market closed on Monday.
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