HP in $1-Billion Wafer Venture in Singapore

Hewlett-Packard Co. and Chartered Semiconductor Manufacturing said they were forming a joint venture to build and operate a $1-billion factory in Singapore to manufacture integrated circuits. Alan Marty, general manager of Hewlett-Packard’s integrated circuit division, said that although HP would have only a minority stake in the joint venture, the company would treat the plant as one of its own fabrication plants. Marty said Palo Alto-based Hewlett-Packard had joined the venture because it needed a greater supply of integrated circuits for its growing business in Asia. The venture will be majority-owned by Chartered Semiconductor, part of state-owned conglomerate Singapore Technologies Group, with Hewlett-Packard and the Singapore government’s Economic Development Board holding minority stakes.