Stock News: UTAC bullish outlook on 5 years expansion investment!

UTAC to invest 500 mln sgd in next five years to expand capacity Chip testing and packaging firm United Test and Assembly Center Ltd (UTAC) said it will invest 500 mln sgd in the next five years to boost its manufacturing capacity. The investment will create more than 1,000 jobs, the company said. UTAC currently employs 2,400 in Singapore and 3,500 in the region. "Our expansion in Singapore is driven by higher customer demand for our industry-leading services and is part of a larger effort to alleviate current capacity constraints across the group," UTAC group president and CEO Lee Joon Chung said at the opening of a new production facility. "Our expansion in Singapore will be the first in a line of subsequent expansions of our other regional production facilities," Lee said. With a built-up area of more than 376,000 square feet, the addition of the new plant will give UTAC Singapore a combined floor space of more than 770,000 square feet, the company said. UTAC also has manufacturing facilities in Shanghai, China and Hsinchu, Taiwan.