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TSMC & ASML Unite To Advance EUV & 450 mm Lithography

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Lithography system provider ASML has announced that TSMC has joined its Customer Co-Investment Program for innovation.

ASML has agreed to invest €276 million in research and development of next generation lithography technologies. These include Extreme Ultraviolet (EUV) lithography technology and 450 mm lithography tools, over the next five years as well as €838 million in a 5 percent ASML equity stake.

The objective of the Co-Investment Program, which was announced on July 9th, 2012, is to accelerate ASML's development of EUV technology beyond this current generation and ASML's development of future 450 mm silicon wafer technology, both due in the second half of this decade.

"One of the biggest challenges facing IC scaling today is how to effectively control the escalating wafer manufacturing cost," said Shang-yi Chiang, TSMC executive vice president and co-chief operating officer. 

"We are confident that the additional funding for ASML's research and development programs will help secure and accelerate EUV development activities, in parallel with the necessary focus on improved performance of existing optical lithography tools and speed up the deployment of new technologies for 450 mm wafers. This effort will help the industry control wafer cost, and therefore protect the economic viability of Moore's Law."

"We welcome TSMC to our Customer Co-Investment Program. The objective of the Co-Investment program is to secure and accelerate key lithography technologies. These technologies will benefit the entire industry and are not restricted to our Co-Investment partners," added Eric Meurice, Chief Executive Officer of ASML.

As part of ASML's Customer Co-Investment Program, ASML may issue up to an aggregate 25 percent minority equity stake to customers. The entire cash proceeds from the share issuance will be returned to ASML shareholders (not including participating customers) through a synthetic buy-back. 

With Intel and TSMC now committing to the Co-Investment Program, 20% equity has been committed. The remaining 5% equity holding potential is being discussed with other customers. The shares to be issued to TSMC, Intel and any other customers that participate in the Co-Investment Program will be non-voting except in exceptional circumstances.

ASML can issue new shares equivalent to 9.99% of its issued share capital to Intel as per the decisions made at ASML's 2012 Annual General Meeting of shareholders. The issuance of further shares in the Co-Investment Program to both Intel and TSMC (and any additional customers who may participate in the Co-Investment Program) as well as the synthetic buyback are subject to shareholder approval at the meeting of shareholders scheduled for September 7th, 2012.

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