By Adria Calatayud

Germany's Merck KGaA said Wednesday that it plans to invest roughly 300 million euros ($327.4 million) at its site in Hometown, Penn., to support an expansion of manufacturing capacity for the semiconductor industry.

The life-sciences and electronics company said the investment is part of a EUR3 billion program launched in 2021.

"Despite near-term cautions due to the industry's cyclical nature, the demand for semiconductor materials remains very promising long term," Merck's electronics business Chief Executive Kai Beckmann said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 12, 2023 06:36 ET (10:36 GMT)

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